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Cryptocurrency and the Nigerian Law

Updated: Apr 14

The emergence of cryptocurrency can be traced to the year 2009 when the pseudonymous Satoshi Nakamoto introduced Bitcoin to the world. Well after 2010, when Bitcoin was first valued, more types of cryptocurrencies have begun to spring forth. Foremost of which are Litecoin (2011), DASH (2014), Neo (2014), and Ethereum (2015). Cryptocurrency has become quite popular over the world, there is an estimated number of users reaching over 50 million as of the end of June 2020. Here in Nigeria, cryptocurrency is just as popular. Yet, the position of the law is still blurry in its practice. To that end, investors (its users and traders included) do not know the law's stance regarding Cryptocurrency, which makes the enforcement of deals conducted in Cryptocurrency immune to redress.

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