Legal Regulatory Framework of Virtual Currencies in Nigeria

Money has been an essential part of society as long as humans have been in existence, and it has metamorphosed in different variations over time. Cryptocurrency is an evolutionary step in the development of money, and like fiat currencies has advantages and disadvantages.This book examines the use of cryptocurrencies as a means of payment and security by individuals and corporation irrespective of the attitude adopted by the government of such person¿s countries and the added advantage the blockchain technology provides, while also addressing the issues associated with the use of cryptocurrencies and its propensity for criminal abuse.In the case of Nigeria, we take a look at how the use of cryptocurrency has been banned as is the position in China and the difference in the enforcement of this position in both jurisdictions, while also looking at Argentina and Switzerland, which have allowed the use of cryptocurrencies in their jurisdictions also with a different degree on regulating the use of cryptocurrencies.This work concludes, among other things, that none of the issues associated with the use of cryptocurrencies are peculiar to it.