Busha Weekly; 14th October
Cryptocurrency and Tax
Cryptocurrency and (Bitcoin) is not (and has never been) a get-rich-quick scheme. It is a solution to the longstanding problems posed by the pre-existing traditional transaction models. This budding technology has thus far been thriving in Nigeria without the government’s “blessing” and despite several warnings from regulatory bodies like the CBN and SEC. Nigerians have cryptocurrency investments worth billions of naira.
Consequently, there are no existing regulations in place governing cryptocurrency and no actual classification. At the moment, there’s no tax being levied on such transactions in Nigeria. This might change in the future as the government comes to understand this technology better.
Libra
It looks like the Facebook Libra initiative still has trying times ahead. Paypal, Visa, Mastercard, Stripe, Mercado, Pago and eBay (all based in the US) already pulled out of the Libra Association. These companies received letters from US senators that frightened them into withdrawing from the deal. The exit of these payment processors might cause a significant hiccup in the planned launched. Let’s hope all goes well. Subtle reminder: No one can stop Bitcoin!
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