The Growth and Regulatory Challenges of Cryptocurrency Transactions in Nigeria

Victor Ediagbonya and Tioluwani Comfort Tioluwani

Chapter 9 in The Complexities of Sustainability, 2022, pp 267-297 from World Scientific Publishing Co. Pte. Ltd.

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.

Keywords: Sustainability; Sustainable Development; Corporate Social Responsibility; Corporate Governance; Pandemic; Science; Technology; Innovation; Organisation; Society; Accounting; Government; Multinational; Reporting; Sustainable Development Goals (SDGs); Higher Education; Universities; Environment; Corporate Performance; Management; Disclosure (search for similar items in EconPapers)
JEL-codes: G34 L26 M14 Q01 Q56 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789811258756_0009 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789811258756_0009 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789811258756_0009

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().