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Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

cointelegraph.com

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Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#11

Post by ls15 »

c_o_n_v_e_x wrote: post #8
Daishiman wrote: post #2

Given that there's always going to be demand for a non-digital currency outside of the control of a central government (which I believe is good for many perspectives although the demand for something like this is far below what most crypto bros will try to convince you of), I do wonder how people are going to transact in those situations. Gold? Monero? US Dollars or other currencies?

Vodka has been used as currency before https://www.atlasobscura.com/articles/vodka-currency-russia#... .

Half of Russia isn't muslim though.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#12

Post by datadata »

ls15 wrote: post #9
datadata wrote: post #5

The title is a bit of an exaggeration. Withdrawals above that are not banned, but subject to a 5% fee. Also, it is not a new rule but a lowering of the limit of an existing rule.

Who doesn't like paying 5% for getting the money that they already own?

I think the policy is outrageous, but that doesn't make the title correct.

Also, 5% is not really significantly more than the typical fee an ATM already charges.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#13

Post by 1123581321 »

datadata wrote: post #12
ls15 wrote: post #9

Earlier quoted context omitted.

Who doesn't like paying 5% for getting the money that they already own?

I think the policy is outrageous, but that doesn't make the title correct. Also, 5% is not really significantly more than the typical fee an ATM already charges.

Wouldn’t the 5% be on top of an ATM? Plus a regular cash user (not a trapped tourist) is going to be using a free one or withdrawing for free from a teller.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#14

Post by [deleted] »

datadata wrote: post #12
ls15 wrote: post #9

Earlier quoted context omitted.

Who doesn't like paying 5% for getting the money that they already own?

I think the policy is outrageous, but that doesn't make the title correct. Also, 5% is not really significantly more than the typical fee an ATM already charges.

[deleted]

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#15

Post by mtoohig »

ls15 wrote: post #6

55% of Nigerians have access to electricity. https://data.worldbank.org/indicator/EG.ELC.ACCS.ZS?location... Seems like the government knows their priorities.

Not that I support this program, because I don't know much about it to decide, but I know from where I live now if you don't have electricity then you are living a very simple life and probably aren't using that much cash each week anyways.

So, the amount allowed to be withdrawn sounds small but it might not affect those without electricity. Plus, if they don't have electricity there is no ATM and therefore they have all their cash on hand as I know many stories of remote island villages where people just keep money in their house. The best stories are of those who are truly remote but making absolute bank selling kava roots and they come down to the major town and buy new Toyota trucks in all cash stuffed into 25kg bags of rice.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#16

Post by zdragnar »

ls15 wrote: post #6

55% of Nigerians have access to electricity. https://data.worldbank.org/indicator/EG.ELC.ACCS.ZS?location... Seems like the government knows their priorities.

Excepting COVID, where the line went flat, it seems to be consistently improving. Compared to the other countries in Africa, I'd say they are on par or much better off.

Not a great situation, but seemingly improving at a steady clip, so maybe it isn't as bad as the bare number would imply. To steel-man the government's motives, I might hazard a guess they are hoping that a digital currency will attract more investment in technology. It's very much a "rising tide lifts all boats" plan that historically ends up with a lot of inequalities, but given their economic reliance on oil production, diversifying makes sense.

Or, it's just another corrupt scheme that is lining a few pockets.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#17

Post by wesleywt »

ls15 wrote: post #6

55% of Nigerians have access to electricity. https://data.worldbank.org/indicator/EG.ELC.ACCS.ZS?location... Seems like the government knows their priorities.

80% of Nigerians have access to a cellphone.

https://www.geopoll.com/blog/mobile-penetration-nigeria/

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#18

Post by walterbell »

kornhole wrote: post #7

This is programmable money where the government controls how and when you can spend it. It does not take long for most people to figure out how this restricts their freedom. I guess they will make it a bargain in some way such as charging a higher rate for cash as they are doing here. This may be a training ground for other governments to learn how to force or incentivize us to use their CBDC's.

Programmable money is like programmable computation, there are infinite applications on the spectrum of good and evil. If we are going to allow programmable money, we must allow competitors (e.g. citystate crypto, nationstate crypto, non-CB crypto) and incumbent payments like cash.

https://cashessentials.org/us-considers-legislation-on-manda...

> The Payment Choice Act is a bill that would require applicable retail businesses to accept cash for transactions of less than $2,000 and prohibit them from charging cash-paying customers a higher price relative to customers not paying with cash. Retail businesses would retain the flexibility to accept payments through any other means. The House Financial Services Committee passed the bill 32-17 on 18 May 2022.

Previous CBDC threads: https://news.ycombinator.com/item?id=30634245 (2022) & https://news.ycombinator.com/item?id=27805709 (2021)

A 15m video titled "Johnny's Cash and The Smart Money Nightmare" simulates future TV news on CBDCs. It's regularly deleted, and mirrored.

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#19

Post by bigDinosaur »

datadata wrote: post #12
ls15 wrote: post #9

Earlier quoted context omitted.

Who doesn't like paying 5% for getting the money that they already own?

I think the policy is outrageous, but that doesn't make the title correct. Also, 5% is not really significantly more than the typical fee an ATM already charges.

Do you mean 5% isn't much more than typical in Nigeria? or somewhere else? It's certainly much more than where I live where it's 0%...

Re: Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

#20

Post by csomar »

wesleywt wrote: post #17
ls15 wrote: post #6

55% of Nigerians have access to electricity. https://data.worldbank.org/indicator/EG.ELC.ACCS.ZS?location... Seems like the government knows their priorities.

80% of Nigerians have access to a cellphone. https://www.geopoll.com/blog/mobile-penetration-nigeria/

You realize 20% of Nigeria is 40 million people?
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