The growth of crypto is a “much greater danger to the global economy” – Economy Bitcoin News

[ad_1]

Nigeria’s Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa identified the growth of cryptocurrencies as something that now poses “a far greater danger to the global economy.” Therefore, in order to face such dangers or threats, Bawa advocates a “collective and collaborative approach on the part of authorities around the world”.

Economic crimes hurt the global financial system

According to a Vanguard report, the EFCC president made the remarks during a speech at a symposium hosted by the International Documentation Center on Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting that was convened to discuss the cost of economic crimes and who should foot the bill, Bawa is quoted as explaining why countries need to collaborate on this. He said:

[Economic crimes] affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing countries of the resources necessary for sustainable development.

Bawa also warned that developed countries, just like their less developed counterparts, are not immune from a scourge that has been magnified by “the proliferation of cybercrime that threatens the stability of global financial institutions.” To make this point clear, Bawa uses the example of how criminals now choose “to process or receive illegal money. [such as ransom money]for cyber attacks in cryptocurrencies.

Victims of economic crimes should not bear the cost

In the meantime, the EFCC chairman has also addressed the question of who should bear the costs of economic crimes. The report quotes Bawa as explaining his views on this issue. He said:

“As victims of crime continue to suffer globally from the effects of financial crimes, whether directly or indirectly as part of a social system, determining who pays or who should pay becomes a measure. criticism of the existing criminal justice system. “

Yet the EFCC president is adamant “that the perpetrators and not the victims” must pay for the crimes.

Do you agree with Bawa’s remarks on cryptocurrencies? Let us know what you think in the comments section below.

Tags in this story Abdulrasheed Bawa, Bitcoin Nigeria, Bitcoin Ransom, btc ransomware, cbyer attacks, Crypto Nigeria, Cryptocurrencies, Economic and Financial Crimes Commission, Economic Crimes, Economy, Finance, Nigeria Bitcoin, Nigeria Crypto adoption, sustainable development

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

[ad_2]