{"id":11872,"date":"2021-09-08T09:54:03","date_gmt":"2021-09-08T09:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/chairman-of-nigerian-economic-crimes-commission-crypto-growth-is-a-far-greater-danger-to-the-world-economy\/"},"modified":"2021-09-08T09:54:03","modified_gmt":"2021-09-08T09:54:03","slug":"chairman-of-nigerian-economic-crimes-commission-crypto-growth-is-a-far-greater-danger-to-the-world-economy","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chairman-of-nigerian-economic-crimes-commission-crypto-growth-is-a-far-greater-danger-to-the-world-economy\/","title":{"rendered":"Chairman of Nigerian Economic Crimes Commission: Crypto Growth Is a \u2018Far Greater Danger to the World Economy\u2019"},"content":{"rendered":"

The chairman of Nigeria\u2019s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses \u201ca far greater danger to the world economy.\u201d Therefore, in order to deal with such dangers or threats, Bawa advocates for a \u201ccollective and collaborative approach by authorities around the world.\u201d<\/strong><\/p>\n

Economic Crimes Harm the Global Financial System<\/h2>\n

According to a report<\/a> by Vanguard, the EFCC chairman made these remarks while speaking at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting which was organized to discuss the cost of economic crimes and who should foot this bill, Bawa is quoted explaining why countries must collaborate on this. He said:<\/p>\n

[Economic crimes] affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development.<\/p>\n

Bawa also warned that developed countries, just like their less developed counterparts, are not immune from a scourge that has been magnified by \u201cthe proliferation of cyber-crimes which threatens the stability of global financial institutions.\u201d To drive home this point, Bawa uses the example of how criminals are now choosing \u201cto transact or receive illegal monies [such as ransom money]for cyber-attacks in cryptocurrencies.\u201d<\/p>\n

<\/p>\n

Economic Crime Victims Must Not Bear the Cost<\/h2>\n

In the meantime, the EFCC chair also delved into the topic of who should bear the costs of economic crimes. The report quotes Bawa explaining his viewpoint on this matter. He said:<\/p>\n

\u201cAs the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place.\u201d<\/p>\n

Still, the EFCC chairman is adamant \u201cthat perpetrators and not the victims\u201d should be made to pay for the crimes.<\/p>\n

Do you agree with Bawa\u2019s remarks about cryptocurrencies? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, Abdulrasheed Bawa, Bitcoin Nigeria, Bitcoin Ransom, btc ransomware, cbyer attacks, Crypto Nigeria, Cryptocurrencies, Economic and Financial Crimes Commission, Economic crimes, economics, Finance, Nigeria Bitcoin, Nigeria Crypto Adoption, sustainable development<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of Nigeria\u2019s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses \u201ca far greater danger to the world economy.\u201d Therefore, in order to deal with such dangers or threats, Bawa advocates for a \u201ccollective and collaborative approach by authorities around the world.\u201d…<\/p>\n","protected":false},"author":0,"featured_media":11873,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11872"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11872"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11873"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}