The Growth and Regulatory Challenges of Cryptocurrency Transactions in Nigeria

Victor Ediagbonya, Comfort Tioluwani

Research output: Chapter in Book/Conference proceeding with ISSN or ISBNChapterpeer-review

Abstract

There have been various concerns about the regulation of cryptocurrencies in this era of modern technology. The quest for their regulation has been becoming increasingly topical among various stakeholders because of the possibility of using cryptocurrencies for money laundering. The Central Bank of Nigeria had recently barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies, such as bitcoin, warning that banks that fail to act will face severe sanctions. Similarly, the Securities and Exchange Commission has also suspended its plans to regulate cryptocurrency transactions in Nigeria. Both regulators have argued that impending risks are associated with dealing in unregulated digital currencies and not legal tender. This chapter argues that besides the risk of such transactions for an ordinary individual who transacts in cryptocurrencies, it can also be a channel for corrupt individuals to launder stolen monies.
Original languageEnglish
Title of host publicationThe Complexities of Sustainability
Subtitle of host publicationScience, Technology and Sustainability
PublisherWorld Scientific Publishing
ChapterChapter 9
Pages267 - 297
Number of pages31
Volume1
DOIs
Publication statusPublished - Jan 2023

Bibliographical note

NYP

Cite this