Crypto currency capable of redefining global monetary transactions- Don
A university lecturer and Professor of Law at the Ambrose Alli University, Ekpoma, Edo State, Professor Jim Akhere, has stated that Bitcoin as an encrypted virtual currency is a revolutionary and disruptive concept of currency that is bound to hold sway in Modern Global economic order.
He argued that “ the normal currency which depends on central government planning and control is subject to instability, economic volatility and it is used for transaction settlements during which process it can easily be debased, adding that “paper money ultimately reverts to its original intrinsic value which is zero“.
This position was contained in a paper presented by Prof. Jim Akhere at workshop held in Lagos recently on Crypto currency under the aegis of DBI & Spindlar Cyberlaw Centre.
He pointed out that the advantages in the use of Crypto currency- it’s scam free nature, instantaneous settlements, lower fees, accessibility to everyone and absence of identity theft, are irresistible qualities in the use of Crypto currency.
Speaking further, the Professor of Law said: “Crypto currency enjoys universal recognition which means inter alia, absence of interest rates to transactions. The use of Crypto currency in international transaction is very profitable, devoid of interest rates among others.
“Like the dollar, the Euro, the Pound Sterling, the Yen, the Peso, Bitcoin is a currency different from all other currencies because it has no nationality, it is not controlled by any national or supranational government and it has made its entry into the world economic system with the force of arms-vi et-armis”.
“Bitcoin is an encrypted currency as shown from the address of its owner on the logbook/blockchain aforementioned. It has come to challenge global economic order in a ground breaking manner. The whole concept of Bitcoin has ushered in the term Crypto currency into our world”.
He added that despite the intractable problems of control associated with Cyberspace, Crypto currency has come to stay and should be accepted.
