A Legal analysis of cryptocurrency in Nigeria.

Cryptocurrencies, the talk of the town, have emerged as a subset of alternative currencies to fiat currencies. Representing money in digital form, they differ, markedly, from conventional currencies as well as digital payment services or mediums. Formally introduced in 2009 with the advent of Bitcoin (the first and basic cryptocurrency), this genus of currency has waxed stronger as there are now no less than a thousand different types of cryptocurrencies globally. Despite this increasing escalation of cryptocurrencies, its reception as well as legal status varies considerably across Jurisdictions. Whilst some countries have clearly permitted their use and trade, others have restricted them or proscribed them outright. Yet some others are yet to definitively define their attitude to them. Even among countries that have taken a stand on cryptocurrencies, the nature of their classifications of cryptocurrencies differs. These issues, coupled with concerns of an unregulated global economy associated with cryptocurrencies, have made cryptocurrencies more topical now than ever before.