The Nigerian Bar Association Section on Business Law (NBA-SBL) through its Corporate Governance & Compliance Committee, is calling for Chapters for edited volume of its Cryptocurrency Handbook.
Cryptocurrencies or virtual currencies, are digital means of exchange that use cryptography for se curity-a form of payment that can be exchanged online for goods and services, deploying the use of blockchain technology. The last few years have seen the rise and perhaps acceptance of crypto currencies globally. The benefit versus cost implication to the globe in terms of the wave of global acceptance of cryptocurrency is a continuing. Without doubt, the level of acceptance and recent debates on cryptocurrency is indicative of the fact that it has caught the attention of the populace, although, many may be unaware of the opportunities, and challenges it poses for the future and the present.
This may be because researches on cryptocurrencies are generally lacking and in some cases at its infancy. While: promoters have argued that it democratises money and respects people’s privacy and at the same time maximizing business opportunities, cynics have questioned the security of its technology, and have equally argued that it provides room for opportunistic behaviours: for instance, it could be deployed as a conduit for illicit wealth. Again, while its enthusiasts have highlighted the low transaction cost and high investment yield as a positive, skeptics have argued that its high level of volatility means the risk of crash is real.
In Nigeria, there have been attempts by regulatory agencies to respond to these concerns. For instance, the Securities and Exchange Commission (SEC) has opted to classify and treat virtual crypto assets as securities, unless proven otherwise to be placed under the jurisdiction of the Com mission. On the other hand, Central Bank of Nigeria (CBN) did notify institutions under its watch that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges was prohibited, CBN has also issued a government-controlled digital currency in Nigeria known as “eNaira” The adequacy, sufficiency and effectiveness of those regulatory responses is moot. The position of the regulatory bodies notwithstanding, Nigeria is still ranked as one of the countries with the highest volume of crypto currency based transaction.
This edited volume, with the working title “Cryptocurrency Handbook” is multidisciplinary and would speak to crypto currency based issues that have agitated practitioners, academics, regula tors and the general populace.
Apart from the issues identified, topics for submissions could also include-but are not limited to: Crypto-currencies and the Global/Nigerian Economy.
The business case for cryptocurrencies. Perspectives on cryptocurrency Regulation in the Nigerian capital market.
Project Giant – eNaira – Key opportunities and challenges. The future of crypto currencies regulation in Nigeria.
Cryptocurrency-The role of Exchanges Cryptocurrency and Investor Protection Relation
The volume will be published by the Corporate Governance and Compliance Committee of the Nigerian Bar Association – Section on Business Law (“CG&C Committee”), Interested authors are to deliver a full paper (length: 5000-6000 words with an abstract of not more than 250 words) by 31st January, 2022.
Dr Mayowa Awosika mayowaawosika@@gmail.com