Serah Onyeche Sanni[1]
Abstract
The wide spread in the acceptance of crypto currencies across
the globe has over time projected certain ambiguities in areas
surrounding its usage, operations and regulation. A peculiar
feature of crypto currency transactions is that they are operated
through the use of cryptography (secret codes). The regulation of
crypto currency varies based on different countries, while its
status remains unidentified in some jurisdictions, others attempt
its regulation based on what they categorize crypto currencies to
mean. Although, most countries do not make the usage of crypto
currencies illegal, its status as currency varies in line with
different regulatory implications. The absence of a specific
dedicated central authority and regulation, which supervises
activities and transactions involving the use of crypto currencies
makes it vulnerable to exploitation for illegal purposes such as
economic crimes.
