Cryptocurrency and cybercrime in Nigeria: A double-edged sword
Independent Researcher, London, United Kingdom.
Research Article
Global Journal of Engineering and Technology Advances, 2021, 08(02), 096-107.
Article DOI: 10.30574/gjeta.2021.8.2.0120
Publication history:
Received on 25 July 2021; revised on 26 August 2021; accepted on 28 August 2021
Abstract:
This paper explores how cryptocurrency affects Nigeria’s socio-economic and digital landscape, highlighting both its potential as an instrument of economic leveraging and its use in cybercrime. It explores how the decentralized characteristics of cryptocurrencies facilitate innovation and financial inclusion — and allow for anonymity, too, that enables cybercriminal activities.
Today, cryptocurrency is a hot topic around the world. Nigeria, which registers some of the highest cryptocurrency adoption rates in the world, has used this class of digital asset as a key enabler of both breaking with traditional banking constraints and promoting economic resilience. But its decentralized and anonymous design also stands as a superpower to various forms of cybercrimes, from fraud and ransomware to money laundering. Such duality offers serious challenges to policymakers, law enforcement agencies, and financial institutions.
The paper explores Nigeria’s regulatory experiences, technological barriers, and ethical dilemmas through in-depth analysis and case studies. This paper analyzes the phenomenon of cryptocurrency and cybercriminality in Nigeria, a phenomenon in which innovative technologies can be used as a vehicle for socioeconomic empowerment but also as a space for illegal activities. It examines case studies and statistical analyses revealing the systemic exploitation of cryptocurrency by cybercriminals and assessing the effectiveness of current legal and regulatory frameworks. This is against international best practices that expose Nigeria to grave dangers in tackling cybercrime linked to cryptocurrencies.
We make sure that both the opportunities and threats it offers become bearable in how we balance the opportunities with threats this technology presents. Prescribing solutions for these challenges, the report highlights the importance of improving the regulatory environment, enhancing law enforcement capability in cyberspace, and developing a partnership between the private and public sectors to strike an appropriate balance between innovation and security. The research sent a clear message that articulated an approach to policy that would make the most of the potential of cryptocurrency while mitigating its weaknesses. Addressing these matters will allow Nigeria to seize the opportunities presented by cryptocurrency without compromising its frontier of digital security.
Keywords:
Cryptocurrency; Cybercrime, Nigeria; Financial Inclusion; Blockchain, Cybersecurity; Ransomware; Money Laundering; Regulation; Law Enforcement; Digital Economy
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