EFCC: Bitcoin, Others Pose Danger to Nigerian, Global Economy

EFCC: Bitcoin, Others Pose Danger to Nigerian, Global Economy

  • Abdulrasheed Bawa says Bitcoin and other cryptocurrencies portend huge risks to the world economy
  • According to the EFCC boss, virtual currencies is the preferred medium of exchange for most criminals
  • Going further, Bawa lamented the sophistication and complexity of economic crime in modern times

Abdulrasheed Bawa says Bitcoin and other cryptocurrencies portend huge risks to the world economy, Punch Newspaper reports.

Bawa who is the chairman, Economic and Financial Crimes Commission said many criminals now play significant roles in crypto-currency markets.

According to him, virtual currencies had become their preferred medium of exchange, Premium Times added.

Bitcoin, others pose danger to global economy, Bawa claims
Abdulrasheed Bawa says bitcoin, others pose danger to global economy. Photo: EFCC.
Source: UGC

He disclosed this on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?’

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He said:

“The developments in new technologies and the growth of cryptocurrencies portray a far greater danger to the world economy than ever before with many criminals playing significant roles in crypto-currency markets.
“Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoins and Ethereum as the most commonly used mediums for these exchanges.”

Fraud Claims: Apologise or meet us in court, Kogi govt threatens EFCC

Earlier, the Kogi state government, on Thursday, September 2, said it would drag EFCC to court over a purported order it secured, which led to the freezing of its account with a new generation bank.

It said the action by the EFCC has embarrassed the government, insisting that the claims made were false.

The spokesman of the Kogi state government, Kingsley Fanwo, made the threat while speaking to journalists in Abuja.

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Fanwo assured Kogites, the state government's partners, investors and the general public that the Bello-led administration is committed to transparency, probity and accountability.

Governor Okowo defends CBN's clampdown on cryptocurrency, others

Governor Ifeanyi Okowa of Delta state has reacted to the handling of the tech market by the Central Bank of Nigeria (CBN) amid talks of clampdown on innovation by President Muhammadu Buhari's administration.

Okowa said fear is the factor driving the faceoff between the financial regulator and the tech startup founders within the country, and their reservations are not out of place.

Genesis of the clampdown on tech in 2021

In 2021, the government, through the central bank had banned cryptocurrency exchanges from operating in Nigeria since February following a price bubble in bitcoin and other digital currencies.

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