Forex trading: Experts back FG regulation of Crypto Currency market, advocate for decentralised system
Experts in the forex trading have commended the recent regulation of the cryptocurrency market by the Federal Government, even as they advocated a decentralised system in the country.
A Forex Expert and Crypto Educator, Ambassador Jesam Michael, and the Executive Director, Safe Space International, Dr Kad Offori, gave the commendation as Tron Coin cryptocurrency, under the Decentralised Artificial Intelligence System (D.AI.SY) is launched in the country, on Sunday.
They described the centralised system of forex trading as fraud and called on the Federal Government to allow only the decentralised system to operate in the country.
Speaking to journalists on the launch of Tron Coin and the call for Decentralized Artificial Intelligence System in the country, Ambassador Jesam said: “With this, I kept telling everybody that there is nothing you will do to trust these brokers because their major concern is to make money.
“With these brokers, we discovered that the Centralized System (CS) has failed, it cannot hold and it is full of fraud and built for a group of single individuals to enrich themselves and what we need is a Decentralized System (DS).
“With all of these dramas playing out, we have to start crying out to stop the fraud and thank God for what the Nigerian Government did two months ago to regulate cryptocurrency. It is a good and commendable move to stop the fraud.”
Ambassador Jesam, with 15 years experience in forex trading and five years in cryptocurrency, advised Nigerians who will not want to be defrauded while trading in forex and especially cryptocurrency to opt for a decentralised system.
He said: “We have to start crying out for a decentralised system. Under a decentralised system, I will not have to place for any withdrawal. I don’t need to cry to any man to pay me my money because my money is not in the hands of any man but in the hands of a Decentralized System imbued to enrich everyone who pours in their money. But in centralise system, my money is in the hands of a broker and I am at his mercy because he gives only when he wants.
“When we came in, I was privileged to be in a meeting with the Central Bank of Nigeria (CBN) where we were telling the apex bank to regulate the cryptocurrency for us and that if it is regulated, the banks will not be afraid of us, so also are corporate organisations and individuals because they will see it as a business and will all come in and if they do the price will skyrocket.”
The experts warned that any coin that is not in Crypto Capital Market is risky, adding that the launching of Tron Coin is coming to build crypto community in Nigeria.
Citing the example of Bitcoin, Ambassador Jesam said: “Look at what is happening with Bitcoin. In February 2020, one bitcoin was selling for $3,180 and the price now is around $36,000 and $37,000. All this happened because Bitcoin has been regulated unlike in the past when it is just you and I that are trading but with government’s intervention, corporate organisations, individuals and even banks are now into it because the central system called the money operational system has failed. no one wants to put his money in the banks again but into a system that generates more.”
Also, Dr Offori explained that the centralised system being managed and controlled by man may decide to shut down because it is built in a website managed and controlled by a man.
He said: “Today, you see them operating, tomorrow you see them paying peanuts to you and next tomorrow they shut down. Their phone numbers are no more going through, if you go to the websites, it is no more again, it is no longer going. What happens is that the owner of the site has shut it down and the investors will start crying running from pillar to post and no one, in particular, to turn to.
“They will go to the guy who invited them to the trade who is also helpless as they are but the white guy who brought the system is nowhere to be found because the system is down.”
Again, Ambassador Jesam said: “With this ugly development, we said no there must be a way out. If you think what you want to market in Nigeria and Africa is real, decentralize it. It will take you nothing to synchronize it to a blockchain which means that the middleman is out of business, no central authority can control fund.
“It thus means that if I put my N10 into the system, the system takes in my N10, built it to N100 and return the N100 being the profit directly to me without the middleman.”
He advised Nigerians to support the Federal Government efforts at regulating the market if they really want the frauds being perpetrated by some individuals under the centralized system to stop.
“I have a lot of bitter experience when it comes to trading. And with all of these playing out, I keep telling the Nigerian community mostly my followers that we need a better programme system that can better our lives,” he added.