Cryptocurrency (Blockchain) Technology as a Means of Leveraging the Nigeria Economy

U, Ebelogu Christopher; E, Oriakhi Joseph; D, Ojo Samuel; O, Agu Edward

doi:10.31695/ijasre.2019.33657

Cited by 1 publication

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“…It, however, shows that the higher the level of cryptocurrency activities in Nigeria, the lower the level of tax revenue in Nigeria which shows that taxes might be evaded via cryptocurrency use currently in Nigeria. This is also in agreement with the position of (Egbelogu, Oriakhi, Ojo & Agu, 2019& Kfir, 2020 who also pointed out the need for regulation of cryptocurrency activities in Nigeria. However, the social exchange theory explains why the insignificance between cryptocurrency and the Nigerian economy which can be explained partly due to its high volatility in value.…”

Section: Discussion Of Findingssupporting

confidence: 90%

Cryptocurrency and the Nigerian Economy

T.T.¹,

S.I.²,

A.R.³

et al. 2021

African Journal of Accounting and Financial Research

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The development of cryptocurrency as a means of exchange without legal backing and invisibility of the identity of operators has posed peculiar challenges such as illicit financial flow and terrorism amongst others, to the country. This study, therefore, sought to examine the effect of cryptocurrency on the Nigerian economy. The study was hinged on social exchange theory. Secondary data were obtained from the CBN statistical bulletin and Global Financial Integrity Report for a period of six years from 2013 to 2018. The data were analyzed using a simple regression model. The result shows that R is 5.8% which means that there is a low positive relationship between cryptocurrency and the level of economic development in Nigeria. It further shows an adjusted R square of -24.6 which depicts that cryptocurrency has a low inverse effect on the level of economic development in Nigeria. In conclusion, the computed p-value of 0.913 which is higher than the set p-value of 0.05 shows that cryptocurrency does not have a significant effect on the level of economic development in Nigeria. Hence, it is recommended that, in order to sustain economic development from the activities of cryptocurrency in Nigeria, the Central Bank of Nigeria needs to ensure that laws and mechanisms are put in place to adequately capture the activities of cryptocurrency in the country.

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Section: Discussion Of Findingssupporting

confidence: 90%