Legal issues and risks associated with cryptocurrency (in Nigeria): regulation for use and integration for its possibilities
by Matthew O. Gidigbi; Gbenga F. Babarinde; Olusegun Adegoke Adewusi; Ibukunoluwa Akinrinde
International Journal of Blockchains and Cryptocurrencies (IJBC), Vol. 2, No. 4, 2021

Abstract: FinTech inspired many initiatives and innovations in the provision of financial services. FinTech was accolade as an aiding tool in improving financial inclusion. FinTech as coined has another side from which digital currency evolved. The advent of digital finance (such as cryptocurrency) excited the crypto-arbitrageurs due to the gain in wealth without considering the legality and risks associated with its transactions. Meanwhile, making cryptocurrency a store of value and/or speculating with it, may cart away huge investible fund from individuals and the economy at large. There are many more risks associated with cryptocurrency. Therefore, there is a need for regulation of the cryptocurrency towards protection and harnessing the generative potential of the currency. Meanwhile, the approach should be gain-gain by the way of regulation for use and integration of the cryptocurrency possibilities towards the provision of efficient and effective (financial) services in all sectors.

Online publication date: Tue, 18-Jan-2022

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