Title: Legal regulation of a cryptocurrency used in Nigeria and Russia: a comparative study

Authors: Aleksandr P. Alekseenko; Matthew O. Gidigbi

Addresses: Department of Commercial Law, Law Faculty, St. Petersburg State University, 199106, Saint-Petersburg, Russia ' Department of Economics, Faculty of Social and Management Sciences, Modibbo Adama University, P.M.B. 2076, Yola 640001, Nigeria

Abstract: Cryptocurrency becomes an integral part of modern financial markets all over the globe, meanwhile, in many states, there is no legal regulation of cryptocurrency. To elaborate legal framework legislators should understand the nature and purpose of cryptocurrency. Basing on the experience of Russia and Nigeria authors show that it is unacceptable and impossible to treat cryptocurrency as money, it has more features of the unit of account. Therefore, cryptocurrency is a new instrument for risky investments. However, the national government has a lot to gain, revenue and generative technology wise if cryptocurrency could be recognised to be what it is and legislated, instead of shying away from its recognition and legislation. The authors believe that the international character of transactions involving cryptocurrency shows that its legal regulation should be based on the sole general model adopted on the international level by multilateral international agreement.

Keywords: cryptocurrency; store of value; digital financial assets; blockchain; Central Bank; Nigeria; Russia.

DOI: 10.1504/IJBC.2021.118135

International Journal of Blockchains and Cryptocurrencies, 2021 Vol.2 No.2, pp.187 - 203

Received: 23 Sep 2020
Accepted: 15 May 2021
Published online: 12 Oct 2021 *

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