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The Growth and Regulatory Challenges of Cryptocurrency Transactions in Nigeria

In: The Complexities of Sustainability

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  • Victor Ediagbonya
  • Tioluwani Comfort Tioluwani

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.

Suggested Citation

  • Victor Ediagbonya & Tioluwani Comfort Tioluwani, 2022. "The Growth and Regulatory Challenges of Cryptocurrency Transactions in Nigeria," World Scientific Book Chapters, in: David Crowther & Shahla Seifi (ed.), The Complexities of Sustainability, chapter 9, pages 267-297, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811258756_0009
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    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;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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