The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said Bitcoin and other cryptocurrencies portend huge risks to the world economy.

According to him, many criminals now play significant roles in crypto-currency markets, adding that virtual currencies had become their preferred medium of exchange.

The EFCC chairman spoke on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?’

The event was organised by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom, a statement by the EFCC spokesman, Wilson Uwujaren, stated.

Bawa was quoted as saying, “The developments in new technologies and the growth of cryptocurrencies portray a far greater danger to the world economy than ever before with many criminals playing significant roles in crypto-currency markets.

“Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoins and Ethereum as the most commonly used mediums for these exchanges.”

He lamented that the sophistication and complexity that defines the dynamics of economic crime in the 21st Century continues to evolve, spurred by technological advancement in the global economy that has become borderless and transnational.

This he said had “inevitably led to the prioritisation of law enforcement action on crimes that drive Illicit Financial Flows across the globe”.
https://punchng.com/bitcoin-others-pose-danger-to-global-economy-efcc-boss/?amp

Sharap

Efcc boss calm down...wetin person no know big pass am.

The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said Bitcoin and other cryptocurrencies portend huge risks to the world economy.

Abokey will always be an abokey, what does this educated illiterate knows about World economy ?

The merit of digital currency far outweighs the downside, and just so you know, El Salvador recently made bitcoin official legal tender.

abouzaid:

The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said Bitcoin and other cryptocurrencies portend huge risks to the world economy.

According to him, many criminals now play significant roles in crypto-currency markets, adding that virtual currencies had become their preferred medium of exchange.

The EFCC chairman spoke on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?’

The event was organised by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom, a statement by the EFCC spokesman, Wilson Uwujaren, stated.

Bawa was quoted as saying, “The developments in new technologies and the growth of cryptocurrencies portray a far greater danger to the world economy than ever before with many criminals playing significant roles in crypto-currency markets.

“Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoins and Ethereum as the most commonly used mediums for these exchanges.”

He lamented that the sophistication and complexity that defines the dynamics of economic crime in the 21st Century continues to evolve, spurred by technological advancement in the global economy that has become borderless and transnational.

This he said had “inevitably led to the prioritisation of law enforcement action on crimes that drive Illicit Financial Flows across the globe”.
https://punchng.com/bitcoin-others-pose-danger-to-global-economy-efcc-boss/?amp

Abokii.

Who the fûck is efcc boss on the scale of things, does he know better than Elon musk.

I bet that this man has money stored in Crypto. Nigerians are hypocrites.


If not be say God won open Malami's yansh who would have known?.

And what of Fiat currency that Buhari's government have been using to fund banditry.

he said nothing other than the truth ATM, aldo we shud agree that wat u dnt knw is bigger than you.... as time evolve Law enforcement arnd d world would surely find a way around dealing with crimes involving Crpto currency

Dumbo, tell us what we don't know

Who uses BTC and ETH for crime when monero is there

Someone who can't arrest and prosecute people that ate and are still eating Nigeria's money is talking about crypto