Taming the wind: Cryptocurrency, International law and Nigeria's national security
Authors: OSAH Goodnews , isikalu A, Irmiya Uzzibi Metusaleh
Journal: Journal of Globalization Studies
ISSN Number: 2075-810
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Abstract
This study aimed at exploring how international law can be extended to the cryptocurrency space and the plausible effects that this may have on the national security of Nigeria by reviewing relevant sources of information. The research questions that were addressed in this paper included: ‘In what ways can international law be used to regulate the cryptocurrency market?’ and ‘How will such regulations impact national security in Nigeria?’ The study found that Nigeria presents a case where cryptocurrency was banned and yet, its adoption has been increasing and its prohibition has worsened its use for illegal activities that threaten national security and economic health. Individuals and organisations have found ways to trade and own cryptocurrencies in the country without getting detected by relevant authorities in the country. By implication, Nigeria needs to re-consider its stance on cryptocurrency regulation. Most importantly, the development of an international regulatory framework that facilitates the successful extension of international law to the regulation of cryptocurrency can help Nigeria to improve its national security by tackling terrorist and other crime funding and tackling the use of cryptocurrency for corrupt practices such as money laundering and tax evasion.
