CHAPTER ONE

INTRODUCTION
1.1 Background to the Study
Crypto currency constitutes as a subset of alternative currencies or better referred to as
digital currency. It is a digital asset from block chain technology which is designed to
function as a medium of exchange using cryptography to execute transactions and to
control the creation of additional units of the currency. The evolution and advancement
of economic revolution and the need to sustain the economy through advanced financial
technology, through a new form of digital currency using encryption techniques to
regulate the generation of units of a currency and verify the transfer of funds operating
independently of a central bank, informed the introduction of crypto-currency into the
Nigerian economy. Consequently, a digital currency is beginning to gain wide awareness
and acceptance; and one of the most famous is bit coin. Other digital currencies include
Swiss coin and one coin. bit coin, Swiss coin and one coin are crypto currencies or
digital currencies created and controlled using cryptography.

Currently countries such as Brazil, Canada, Uk, Germany, south Korea, India have
introduced automated Teller Machines (ATM) for crypto currency so as to facilitate
banking technology. In Nigeria the patronage and acceptance of digital currencies is
gaining wide popularity by the day. The owners do not require the central bank; nor any
physical bank. Once you are a subscriber, you only know yourselves and they give you a
bit of the bitcoin which can be converted to cash and used for payment in some
countries. Currently bitcoin is considered the best among all other crypto-currency.
Bitcoin is adjudged the pacesetter. Mining is another type of cryptocurrency. Mining is a
way of getting these coins and putting them up for sale digitally. Also the Billion Coin
(TBC) is another type of crypto currency newly introduced with an opening price of
0.001 and has since increased in value. The Trading on crypto currencies such as TBC,
Bitcoin, SwissCoin, Edinar Coin and other digital currencies, happens peer to peer.

1
1.2 Statement of the Problem
 Crypto currency constitutes as a subset of alternative currencies better referred to as
digital currency. It is a digital asset from block chain technology which is designed
to function as a medium of exchange. The evolution and advancement of economic
revolution and the need to sustain the economy through advanced financial
technology,.

The entry of crypto currency into the Nigerian financial sector is gaining wide popularity
but with fears and doubt about its functionality since there is no regulatory framework from
the apex bank. There is wide call for CBN to commence appropriate regulatory action in
this direction. However it is pertinent to note that it is the CBN’s monetary policy
restrictions on foreign exchange, that have led Nigerians to innovate the use of bit coin to
access foreign exchange. Therefore the eradication of the currency would be viewed as
irrational and unworthy of a country which seeks to promote industrialization and
innovation. Consequently it is the considered opinion of economic experts that Nigeria
should join several other countries of the world to endorse and approve its operation in
Nigeria.

1.3 Objectives of the Study

The general aim of the research is to examine the 21st century and cryptocurrency
1. To find out significant impact of widespread adoption of cryptocurrencies in traditional
financial systems in the 21st century?
2. To find out significant relationship of crypto currencies on the value of the Nigerian
Naira?
3. To find out how do regulatory frameworks differ globally in response to the emergence
of cryptocurrencies in the 21st century, and what impact do these variations have on
their adoption and use?

1.4 Research Questions

The main purpose of the research is to investigate the 21st century and cryptocurrency
1. What is a crypto currency?
2. How has the widespread adoption of cryptocurrencies influenced traditional
financial systems in the 21st century?
3. What is the effect of crypto currency on the value of the Nigerian Naira?

2
1.5 Significance of the Study
The increasing wave of cryptocurrency into the economy with its attendant effect propels a
study of this nature to facilitate better understanding of this new concept and to determine its
effect on the value of Nigerian currency.

1.6 Research Hypothesis

Ho: There is no significant Effect of cryptocurrency on the value of the Nigerian naira.
Hi: There is no significant Effect of cryptocurrency on traditional financial systems in the 21st
century?

1.7 Scope of the Study

The study focuses on the 21st century and cryptocurrency and its effect in Nigeria.

1.8 Limitations of the Study

The research was confronted by some constraint such geographical barrier and logistics.

1.9 Definition of Terms

Crypto currency: constitutes as a subset of alternative currencies or better referred to as digital
currency. It is a digital asset from block chain technology which is designed to function as a
medium of exchange.

The 21st century: refers to the current period of time in human history, which began on
January 1, 2001, and continues to the present day. It is characterized by significant
technological advancements, globalization, rapid changes in communication, and shifts in
social, economic, and political landscapes.

Currency: This is a generally acceptable form of payment usually introduced by government

3
 CHAPTER TWO
REVIEW OF RELATED LITERATURE

2.1 Introduction
This chapter reviews literature related to the seminar topic. It involves a review of existing
books, articles, journals and papers which are related to the research and also entails the
interrogation of comments, critiques and issues revised by researchers/scholars on and about
crypto currencies, its value on Nigerian naira and its effect on the economy in the 21st century.
It also provides information that are central to effective understanding of the issues which
necessitate the undertaking of this research, putting into cognizance the views and postulations
of people across various fields of studies. Thus, it deals with a balance of arguments for or
against quoted comments and eventual position of the researcher

2.2 CONCEPTUAL CLARIFICATIONS

2.2.1 Concept of cryptocurrency
A cryptocurrency is a digital asset designed to work as a medium of exchange. Cryptography
is used to secure the transactions and to control the creation of additional units of the
currency. Cryptocurrencies are classified as a subset of digital currencies and are also
classified as a subset of alternative currencies and virtual currencies.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous
cryptocurrencies have been created. These are frequently called altcoins. It is a blend of
bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to
centralized electronic money/centralized banking systems and control. The decentralized
control is facilitated by the use of bitcoin's blockchain transaction database in the role of a
distributed ledger.

Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at

a rate which is defined when the system is created and which is publicly known. In centralized
banking and economic systems such as the Federal Reserve System, corporate boards or
Governments control the supply of currency by printing units of fiat money or demanding
additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or
Governments cannot produce new units, and have not so far provided backing for other firms,
banks or corporate entities which hold asset value measured in it. The underlying technical

4
system upon which decentralized cryptocurrencies was created by the group of individuals
known as Satoshi Nakamoto.

As of March 2015, hundreds of cryptocurrency specifications exist; most are similar to

and derived from the first fully implemented decentralized cryptocurrency known
as bitcoin. Within cryptocurrency systems the safety, integrity and balance of ledgers is
maintained by a community of mutually distrustful parties referred to as miners: members of
the general public using their computers to help validate and timestamp transactions adding
them to the ledger in accordance with a particular timestamping scheme.

The security of cryptocurrency ledgers is based on the assumption that the majority of miners
are honestly trying to maintain the ledger, having financial incentive to do so.
Most cryptocurrencies are designed to gradually decrease production of currency, placing an
ultimate cap on the total amount of currency that will ever be in circulation, mimicking
precious metals. Compared with ordinary currencies held by financial institutions or kept
as cash on hand, cryptocurrencies can be more difficult to seize by by law enforcement
agents. This difficulty is derived from leveraging cryptographic technologies. A primary
example of this new challenge for law enforcement comes from the Silk Road case, where
Ulbricht's bitcoin stash "was held separately and ... encrypted." Cryptocurrencies such as
bitcoin are pseudonymous, though additions such as Zero coin have been suggested, which
would allow for true anonymity.

2.2.2 Concept of Nigerian naira

Before the introduction of the Nigerian Naira and Kobo, which was in the year 1973, the
Pound was the currency of Nigeria and was used between 1907 and 1973. However, prior to
this time, the country had used various forms of money including Cowries and Manilas.

It was not until the year 1958 that Nigeria used the British West African Pounds that it issued
its own currency. The pounds were subdivided into 20 shillings, each of which was 12 pence.
Back then, the Nigerian pounds was at parity with British pounds with easy convertibility. It
was replaced with the introduction in 1973 of the Decimal Naira at a rate of 1 pound = 2
Naira. This new change made Nigeria the last country to abandon the British West Africa
pound currency system.

5
In 1959, coins were issued in denominations of ½, 1, 3 and 6 pence respectively and in 1 and 2
shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence coin which was minted
in nickel-brass was a smaller version of the distinctive twelve-sided three penny bits that was
used in the UK, jersey and Fiji.

Bank Notes
The issue of bank notes in Nigeria has a long history. There was an emergency issue made by
the government in the year 1918 presenting denominations of 1, 10 and 20 shillings. By 1959,
the Central Bank of Nigeria introduced notes in denominations of 5 and 10 shillings, including
1 and 5 pounds. Three series of notes were issued in 1958, 1967 and 1968 respectively.

Nigerian Currency Symbol and Sign

Following the introduction of new currency- the Naira and Kobo as the legal tender in 1973,
the Kobo was the first to be widely used in the country. There was certain unique symbols and
signs that distinguished the currency.

Nigerian Currency Sign

 The Naira has the sign “ N”
 The Kobo was signed “K”
There were five denominations of the Kobo which were 1/2k, 1k, 5k, 10k, and 25k in 1973 and
by the year 1989, the 50k and N1 notes were changed to coins.
Today in the country, the kobo coins have been phased out because its value can no longer
purchase items in the country’s marketplace.

The Naira and the Naira Sign

The Nigerian Naira, code “NGN” and signed with the symbol “ N” was released in notes in the
year 1973 which include the four different denominations: N1, N5, N10, and N20.
Introduction of Major Naira Notes
 In the year 1991, the N50 naira note was introduced in the country.
 After this was followed by the introduction of the N100 naira in 1999.
 The N 200 naira note was introduced in the year 2000.
 By 2001, the N 500 notes were introduced.
 And finally, the N 1000 note was released on October 12, 2005.

6
Along the line, some notes were phased out, while others were redesigned.

2.3 EMPIRICAL REVIEW

Since societies transitioned from a barter economy to using a money as a medium of exchange,
individuals have tried to devise systems that allow for rational ways to exchange value. In
order to help make goods and services commensurable the Greek philosopher Aristotle came
up with four criteria that help to dictate what is considered to be ‘good money’ (Lee, 2009):
1. It must be durable
2. It must be portable
3. It must be divisible
4. It must have intrinsic value

Originally the preferred medium of exchange was gold as it was able to fulfill all four of these
criteria. As economies grew and the demand for a medium of exchange increased,
Governments were forced to create a more accessible medium of exchange that they could
control and regulate. This was the birth of fiat currency. This particular medium of exchange
has been adopted worldwide, however it has come with its own set of issues. In order to help
fix some of these issues, cryptocurrencies began to emerge in 2009, leveraging a disruptive
technology called blockchain. A cryptocurrency is a digital currency that uses cryptography for
security (Investopedia, 2016). Blockchain specifically deals with the way in which data is
structured and allows for the existence of decentralized digital ledgers where single
organizations are not able to effect transactions (Hackett, 2016). Currently the two most widely
adopted cryptocurrencies are Bitcoin and Ether, the currency that is used to power the
Ethereum blockchain. Bitcoin is the most widely known and used cryptocurrency in the world.
The current market capitalization of just over $10 billion (USD) (Crypto-Currency Market
Capitalizations, 2016). Bitcoin was originally developed by Satoshi Nakamoto as a strictly
peer-to-peer electronic payment system and a solution to the problem of double-spending
(Nakamoto, 2008). It is primarily designed to eliminate the need of financial institutions or
‘trusted third-party’ entities. Bitcoin does this by eliminating the possibility of fraud,
increasing efficiencies, and providing objective proof-of-work to guarantee validity and
security in any transaction (Nakamoto, 2008).

The use of a public ledger as well as digital signatures allow for a secure and anonymous
transaction without the need for trust, as the public network of nodes validates transactions

7
through finding a consensus among a majority of nodes. Thus far, the primary use cases for
Bitcoin revolve around increasing efficiencies and eliminating unnecessary time and costs that
arrive from using multiple trusted third parties to facilitate transactions (Tapscott, 2016).
Bitcoin is highly adoptable in markets that are lacking in traditional financial infrastructure but
have access to mobile data, as well as markets with highly inflated currencies that require tools
to allow for the mobilization and exchange of currencies (Magee, 2015). Bitcoin’s multiversion
concurrency control is unique and allows for safe concurrent transactions without significant
delay (Greenspan, 2015). Ethereum’s main point of differentiation is the ability to leverage the
application of ‘smart contracts’ within its code. While growing at a much more significant rate
over the past year, Ethereum has a total market capitalization of only approximately 10% of
Bitcoin (Cryptocurrency Market Capitalizations, 2016). While the underlying currency, Ether,
appreciates and depreciates in value, Ethereum’s value is largely driven by its increased utility
and ability to eventually eliminate third parties’ involvement in determining contractual
obligations. The main benefit of Ethereum can be found in the belief that, as long as it can be
coded properly,

Ethereum’s smart contracts carry potentially unlimited utility (although, highly complex
contracts could prove to be illogical at this point in time) (Greenspan, 2016). The Ethereum
Network serves to facilitate the exchange of data, information, votes, etc. indicating that there
is the possibility for use cases well beyond simply serving as a disruptor to the current financial
institutions. The Ether currency serves as the ‘gas’ that powers the transactions within the
Ethereum Network. Ethereum leverages a Turing-Complete language which could, in theory,
solve any computational problem (DeRose, 2016), allowing for an even greater possibility for
utility across many areas. Both Ether and Bitcoin are mined by solving highly complex
computational problems. Additionally, as more blocks are mined, the difficulty of finding new
blocks increases in both cases.

2.4 LEGAL ASPECTS OF CRYPTO-CURRENCIES

Cryptocurrencies must be classified as private money, and within this group as the so-called
community currency. In most countries it is legal to make payments in cryptocurrencies (or
broadly speaking, to use them), i.e. it is not prohibited by law to make such payments2.
Obviously, crypto-currencies are not recognized as legal tender and cannot be qualified as
electronic money within the meaning of Directive 2009/110/EC3. Crypto-currency cannot be

8
seen as a type of virtual currency, because they are too different from each other, in particular,
in the case of cryptocurrency, as opposed to virtual money, there is no issuer.

Despite this, in practice and in doctrine, the concept of virtual currency generally also includes
crypto-currencies, first of all Bitcoin, and sometimes a distinction between centralized and
decentralized virtual currencies is made. Unfortunately, cryptocurrencies raise numerous legal
issues with the effect that their users are exposed to a significant legal risk. The first and basic
issue is to establish the legal nature of cryptocurrency (generally three methods of legal
regulation can be distinguished – civil law, administrative law, and criminal law). In the first
place one should discuss and determine whether cryptocurrency should be perceived uniformly
within the framework of each of the methods of the legal regulation. Such uniform
understanding may not be straightforward because of the specific interpretation of certain
provisions where linguistic interpretation is preferred, as is the case, for example, for tax law or
criminal law. The essence of the cryptocurrency system is a unique ledger of transactions. This
is called a blockchain. In the Bitcoin system, there is nothing which would correspond to legal
tender currency, which is specific to cash. The “wallets” of the users of cryptocurrency system
store only the information (links) indicating where, in the individual blocks, the transaction
confirmation can be found.

There is no “movement” between the wallet of one Bitcoin “holder” (or a holder of any other
cryptocurrency) to the so-called wallet of the next Bitcoin “holder” – the only thing that
changes are the links (indicators of the place in the blocks). Thus the cryptocurrencies (e.g.
Bitcoins or Litecoins), defined individually (e.g. 1 BTC), and not as a system, are only records
in the ledger, i.e. the blockchain. These records represent a subjective value. For convenience,
the concept of monetary unit understood as an abstract measure of value can be applied to
these records. From the point of view of civil law, the crypto-currencies can be seen as a
“measure of value other than money”, unless the parties to the agreement have stipulated that
the amount of the benefit will be determined according to the agreed measure of value, i.e. a
specific cryptocurrency. This approach corresponds to the perception of cryptocurrency as an
abstract measure of value, that is the monetary unit. In addition, the cryptocurrency (when
considered individually) should be recognized as a property right and a type of property. This
property right is represented by a record in the ledger, i.e. the blockchain. Provision of loans in
cryptocurrency may raise some controversy.

9
A separate, yet important in social terms, is the issue of consumer protection, which becomes
obvious even with a perfunctory examination of the operational practices of the entrepreneurs
operating in the cryptocurrency system. We should consider whether to subject
cryptocurrencies to legal regulation governing payment services. Whereas in the case of
payments using a payment account there is a relatively clear division of responsibilities
between the payment service user and provider, as set out in the provisions of the PSD
Directive and the provisions of national law of the EU Member States, for transactions using
cryptocurrency, since there is no entity running the cryptocurrency system, such division does
not exist at all and the users bear the entire responsibility for correctly conducting transactions
on the basis of general rules of civil law.

Under the current state of law, while making cryptocurrency transactions, it is not possible to
apply the PSD Directive (and, as a result, no Member States’ provisions implementing the
Directive) because this type of transactions falls outside both material and personal scope of
the Directive. What is more, it appears that the application, even if only partial or
“corresponding to”, of the PSD Directive (or actually a new PSD2 Directive6 ) may present big
problems difficult to overcome, if only because there is no entity in the cryptocurrency system
equivalent to the payment services provider. The similarity of the block chain to a payment
account (and also to a bank account used for payment transactions) is not accidental, as it is the
consequence of the deeply set ideological assumptions embedded in cryptocurrency schemes
(the creation of a payment system that would be an alternative to official systems based on
accounts held by the banks). Doubtless the main objective of the cryptocurrency system is to
enable one to make payments for goods and services; however, the block chain also serves to
“collect” abstract value, that is monetary units of a particular crypto-currency.

Within the value of a particular cryptocurrency, the system also has a depositary function. And
perhaps this, and not merely making payments, represents a truly revolutionary aspect the
crypto-currency brings to modern times –it “turns on its head” our understanding of the
deposit-taking activity, which is after all the very nature of banking. Banks have a monopoly
on this activity (another issue is to what extent this monopoly can currently be justified and
maintained), which is demonstrated by the fact that only an entity capable of meeting the
requirements prescribed by law can run deposit-taking activity, otherwise it is punishable under
criminal law. It is interesting that although payment accounts and blockchain have similar
functions and application, only the activity run on the basis of payment accounts is subject to

10
state supervision. It seems that the decentralization of cryptocurrency system makes it
impossible for such a supervision to be conducted over the entire system – simply because
there is no single entity “running” the system. However, some entities which are important for
the system such as professional users of cryptocurrency – first of all the so called
cryptocurrency exchanges - could be subject to this kind of supervision.

Experience shows that the exchanges generate the highest risk of property loss by other
cryptocurrency users. It is commonly agreed in literature that money, being legal tender,
fulfills four basic functions: measure of value, medium of circulation, means of payment and
store of value. From the point of view of economics, a thing capable of fulfilling all these four
functions would be regarded as money, no matter what its legal nature. Nevertheless, a means
of payment that is “commonly accepted” would still be an important issue7 . From the social
(or even psychological) perspective money is what people recognize as money. In other words,
this is something which they view (an entirely subjective belief) as serving as the measure of
value, fulfilling the function of circulation and that of the store of value. This has important
economic relevance and ultimately legal relevance constituting the primary reason for the state
to build a special institutional and legal structure in which central bank plays a dominant role
in order to convince the state’s population that the legal tender issued by its central bank is
trustworthy. Public confidence in legal tender enables it to fulfill the above functions; still, the
obligation itself to accept legal tender by creditors is not enough to build such confidence.
However, the public (society) can hardly have greater confidence in private money (e.g.
crypto-currency) than in legal tender (unless cryptocurrency is recognized as legal tender by
the state). This comes as a consequence of the fact that one of the elements of the state’s
sovereignty is its monopoly on making decisions as to what is “the commonly accepted”
money on its territory in the already mentioned functional and economic terms.

From this point of view two kinds of private money systems can be distinguished – the systems
limited at their very outset and those seeking to become commonly recognized. The first ones
are characterized in that their very nature does not allow them to become wide-spread for they
are either limited territorially (e.g. local (currency) money) or only to one game or web portal
(e.g. virtual money), or they are restricted legally and functionally (e.g. regulated electronic
money). In addition, they have low or hardly any capitalization compared to the currency
which is legal tender (e.g. in 2013 in the UK the value of local currency (local money), Bristol

11
Pound was only GBP 250.000 and was used by one million people, and for Brixton Pound the
values were respectively GBP 100.000 and GBP 300.000)8 .

The second kind of systems, on the other hand, aspire by definition to become wide-spread and
their creators declare, within the framework of a particular ideology, to replace or eliminate the
means of payment issued by central banks (as is the case for cryptocurrencies, and for Bitcoin
in particular). In their very nature, the private money systems which are limited by definition,
such as local money or virtual currency are very unlikely to become a threat to the monopoly
of central banks. In particular, they can neither affect the monetary stability, first of all owing
to its low capitalization, nor the financial market stability9 . Cryptocurrencies, on the other
hand, present a wholly different matter. The cryptocurrency system is by definition of global
nature (trans-territorial or trans-national) with everyone being able to use it to purchase any
goods and services (including the virtual ones as well as the illegal ones). Although presently
(in 2015) the cryptocurrencies have not yet become of a “common” nature, owing to their
relatively low capitalization, and nobody knows whether they ever will (the already mentioned
issue of trust is crucial here), it seems that now is the time to launch expansive studies in the
field of legal regulations on the central bank’s monopoly over money issuance in the context of
the development of cryptocurrencies.

A separate issue, at the borderlines of the methods of legal regulations, mainly administrative
and criminal law, is the prevention of using cryptocurrencies for money laundering and
financing terrorism. It appears that cryptocurrencies are better suited for this objective than
cash. Cryptocurrencies are being used for money laundering because they provide considerable
anonymity (yet not full anonymity), especially when used together with the TOR system.
Further to that, they are global, easy to store and at the same time very difficult to be accessed
to by unauthorized persons (e.g. law enforcement agency), since it is possible to use
sophisticated encryption methods, the so called “wallets”. Bitcoins are a favorable means of
payment for hackers. On the black market (more precisely Deep Web or Darknet) they are used
to pay for drugs, pornography, counterfeited documents as well as weapons and
ammunition10 . A natural leaning of tax law to literal interpretation and the prohibition of a
broader and unfavorable to taxpayers interpretation along with the innovative and
unprecedented technological structure of cryptocurrencies bring about a set of issues de lege
lata difficult to be solved as regards the application of tax law. In the main, this involves the
application of provisions pertaining to value added tax (VAT as well as income taxes).

12
For instance, it concerns the fundamental issue which is the qualification under the VAT rules
of transferring cryptocurrency to another party. Such action can be considered either as the
provision of services or simply as the payments made with use of means of payment other than
legal tender. While the first approach is undoubtedly more convenient for tax authorities
because it is closer to linguistic interpretation, the second one reflects better the function of
crypto-currencies and the purpose of their use, in general. That is why it should be assumed
that the “payment” made in cryptocurrency leads to debt relief, provided that it is agreed by the
parties in the contract. Undoubtedly, the judicial decisions will play here an important role, and
in particular, the decisions of the Court of Justice of the European Union.

2.5 NDIC, CBN consider crypto currency

Developed countries and indeed their developing counterparts have since begun to tow the path
of digital currency and Nigeria would not be left behind in the economic revolution which
recently caught the attention of the Central Bank of Nigeria (CBN).Crypto currency is a digital
asset from block chain technology designed to work as a medium of exchange using
cryptography to secure transactions and to control the creation of additional units of the
currency. Crypto currencies are a subset of alternative currencies or specifically digital
currencies.Following the economic revolution and the quest to sustain the economy through
advanced financial technology, a new form of digital currency in which encryption techniques
are used to regulate the generation of units of a currency and verify the transfer of funds
operating independently of a central bank, needed to be introduced into the economy. As it is
today, automated Teller Machines (ATM) for crypto currencies have been launched in
Canada, UK, Germany, South Korea, Brazil, India etc with the sole aim of supporting this
banking technology.

A former Deputy Director of the CBN and senior lecturer with the Department of Economics,
University of Lagos, Dr Emmanuel Balogun explained that e-payments have come to replace
the traditional fiat money.“In the first instance, digital currency or e-money is part of e-
payment system and e-payment is not symbolic. It is not like there is a coin that would serve as
a medium of exchange. What it means is that a payment system that is gradually going to
replace fiat money through technological advancement such that buying is no longer going to
be based on hard currencies is used for payment for goods and services. It also implies that the
demand for fiat money for payment system would be significantly reduced.“In a country like

13
ours which is fully reliant on hard currencies, the e-payment money would be of a significant
advantage to the CBN. It is not that CBN is just going into it, it is already a policy. The
technology is based on what we call Real Time Gross Settlement (RTGS). This time around,
you have direct access to your account irrespective of your bank and where it is located and
that is why you can draw from your ATM card anytime and anywhere in the world. That’s
what we are talking about,” Balogun said.Pursuant to seeking a similar technological
development for the country’s banking system, the CBN with its means of exchange including
bank draft, promissory notes, cheques, values, treasury bills, bonds, may soon add digital
currency to the existing fiat money having tabled it for consideration.In a recent workshop for
financial correspondents held in Kaduna, the Managing Director of Nigeria Deposit Insurance
Corporation (NDIC),

Alhaji Umaru Ibrahim, reportedly disclosed that the NDIC, under his watch, and in consonance
with the CBN, has set up a committee to look into the trending crypto currency.The NDIC boss
said: “On our part, we have constituted a committee together with the Central Bank to have an
in depth study of this phenomenal bitcoin (one of the crypto currencies).“We will look at its
advantages and disadvantages, what it means for the payment system and what it means for
safety and security of customers. We will also look at what it means for money laundering, anti
corruption crusade, crime and measurement of money for the economy.“But we need to do a
lot of education to do this and I am calling on you (media) to educate yourselves about all of
this so you can educate the public.”

Ibrahim was also quoted to have added that a lot of Nigerians had already started patronising
digital currencies. “It has started to creep in and nobody can stop it in different economies of
the world. Some central banks have adopted it and are seriously doing everything possible to
bring in these invisible products. The owners do not need any central bank; they do not need
any physical bank.“If you are a subscriber, you only know yourselves and they give you a bit
of the bitcoin and in some countries, you can convert it to cash.You can make payments with it
because it has been recognised and one of the famous ex-chief executives of Barclays PLC,
Antony Jenkins, have joined the group’s board of directors,” he noted.Among the crypto
currencies that exist today, the bitcoin is adjudged the pacesetter.

For the crypto currencies, coins are talked about and another lexicon that comes to play is
mining. Mining is a way of getting these coins and putting them up for sale all digitally.The

14
Billion Coin (TBC) is another crypto currency launched in March last year. Reportedly, its
opening price was 0.001 and has gone up in value by five per cent ever since that day. Traders
on TBC enjoy a wide range of interest rates accruing to their investments on a daily basis, as

the price of TBC appreciates. As targeted, the price of a coin soon hits a billion
dollars.Trading on TBC, Bitcoin, SwissCoin, EdinarCoin and other digital currencies, happens
peer to peer, until the target of getting millions and billions of investors is hit.TBC is now in
Kringles. Kringles are the smallest change of TBC such that 0.0000001 TBC equals one
Kringle. Hence, the equivalent of one TBC is 1,000,000 Kringles.According to one of the
major investors in crypto currency in the country, Prisca Agwu, digital currency in the country
is here to put an end to poverty, while boosting the different sectors of the economy.“Digital
currency in Nigeria is the change we have been clamouring for. It will not only end poverty, it
will also end the frustrations encountered in financial transactions in Nigeria. There’s no
weekend, no public holiday and no transfer limits . This will also boost the communication
industry too,” Agwu said.

2.6 CRYPTOCURRENCIES POTENTIAL TO BOOST GDP ACCORDING TO

BANK OF ENGLAND
GDP of countries is usually dictated through decisions made by the National bank. Regulation
of interest rates and capital controls essentially control the GDP and financial health of a
country. The GDP doesn’t tell the whole story as financial disparity can often weaken the
countries state of affairs. However the Bank of England believes the cryptocurrencies can
boost the overall financial standing of a country and help achieve a healthy GDP value.
Referred to as a disruptive technology many banks and fiat institutions look down on crypto
such as bitcoin. The Bank of England has considered the potential implications crypto may
have on the finances of a country as the international nature of currencies such as Bitcoin mean
money will inevitably go out of the country. The paper does specify central bank digital
currencies so in Nigeria the currency would have to be tied to the National bank.

The technology is purposed to be presented to parliament today after months of organization.

The meeting aims to further emphasize the value cryptocurrencies can provide to trading and
even foreign exchange. Blockchain technology is also mentioned as a way of financial
institutions increasing the transparency of operations due to the public and decentralized nature
of current technology.

15
2.7 NIGERIA’S CENTRAL BANK IS WARNING BANKS AGAINST USING
BITCOIN
Virtual currencies may be the promise of the future of finance, but the Central Bank of Nigeria
(CBN) seems to prefer to keep things real.

In a circular distributed on Friday 21st of December, 2021, the apex bank of Africa’s largest
economy warned local financial institutions against doing business in virtual currencies like
bitcoin as they “are not legal tender in Nigeria.” Banks who trade and exchange digital
currencies do so at their own risk, CBN said. It also included Ripples, Monero, Litecoin,
Dogecoin and Onecoin in its warning.

The warning by CBN is similar to notices issued by the People’s Bank of China on January
2021 about the risks of trading in bitcoin. As a result of the warning from China, confidence in
bitcoin was rocked, resulting in a sharp dip in value. While China appears to be worried about
bitcoin being used to avoid the country’s capital controls, for its part, CBN cites the possibility
of exploitation by criminals and terrorists. With transactions “largely untraceable and
anonymous”, CBN claims virtual currency transactions are “susceptible to abuse by criminals,
especially in money laundering and financing of terrorism.”

Given the risk of loss of money if digital currency exchange companies collapse or shutter
operations, CBN says there is a “need for guidance to protect the integrity of the Nigerian
financial system.” As such the apex bank has drawn up a procedural guide for local financial
institutions trading in digital currencies, including ensuring effective money laundering
controls and reporting suspicious transactions, “pending substantive regulation.”

Describing the CBN’s concerns as “valid,” Nonso Obikili, research associate at Economic
Research Southern Africa, says the central bank’s measures can be justified. “There are
significant risks around terrorism financing and other illicit flows with virtual currencies,
especially due to the anonymity,” Obikili told Quartz.

16
But while the CBN suggests money laundering and national security as its main concerns, just
like in China, the warning is seen as a pretext for capital controls. Given a prolonged dollar
shortage, Nigerians have began exploring bitcoins and other virtual currencies as a workaround
to access foreign exchange. NairaEx, a digital currency trader, corroborates this reality.
“Trading has increased significantly in [the past] few months as more Nigerians realized the
potentials of bitcoin for remittance, investment and other types of financial instrument,” a
NairaEx rep told Quartz via email.

CBN is also likely wary of the adoption of virtual currencies by the controversial money-
making schemes such as MMM, a popular Russian Ponzi offer with over two million
participants in Nigeria. Having caused panic after suspending operations last month, MMM has
launched a comeback with participants now able to make and receive payments through
bitcoin.

Obikili also agrees the apex bank’s stance on virtual currencies “might be related to a loophole
which is currently being used to get around the CBN’s capital controls.” With Nigerian bank
cards not working consistently outside the country, Obikili says digital currencies “have
become a real alternative.”

Unlike Nigeria’s Central Bank, other African countries have been more welcoming of digital
currencies. In late 2015, Tunisia digitized its national currency using blockchain technology.
Closer to Nigeria, fellow West African nation Senegal has announced plans to digitize its
currency this year. The eCFA, as the digital currency will be called, is expected to be used
across most of Francophone West Africa.

Regardless of the CBN’s current motives though, long-term, Obikili advocates more flexibility
by the apex bank to allow for exploring financial technology. “If the future of finance is there
then you want your financial industry to be there as well, not to play catch up after the fact,” he
told Quartz.

SUMMARY OF REVIEW
It follows from the above considerations that cryptocurrencies, of which Bitcoin is a particular
example being the most widespread currency of this kind, are not the answer to escaping

17
various kinds of risk involved in the circulation of cash. Unstable exchange rate and legal risk
related to the usage of the new currency are not easily avoided. On the other hand, the fact
remains that the innovative nature of the way cryptocurrencies are created, as well as the idea
to remove them from the state’s controlling their circulation is gaining supporters, which
should be viewed not only as a social phenomenon, but also as a process which, if widespread,
may have substantial economic consequences.

Whether or not the dissemination of cryptocurrencies will continue with cryptocurrencies

becoming potential competitors for money, not unlike in the case of other currencies in the
history of money, will be decided by public confidence. In order to strengthen this confidence,
legal changes regulating the general framework under which cryptocurrencies are used are
necessary. This should be seen as sine qua non requirement for cryptocurrencies to be able to
leave the mostly unofficial circulation of present times.

18
 CHAPTER THREE
RESEARCH METHODOLOGY

This section covers the methods used to address the objectives of the study. It discusses the
research design, research population and sampling technique, the instrument for data collection,
the method of data analysis and the analytical software used for the study.

3.1 Research Design

In this study, a survey research design is adopted. Survey is chosen based on the objective of the
study. Survey is defined according to Nworgu (2005) as studies that samples individual units
from an already known population and its associated survey data collection techniques, such as
questionnaire construction and methods for improving the number and accuracy of responses
to survey.

3.2 Population of the Study

The population of this study comprises all the members of staff of the Central Bank of Nigeria,
Uyo, Akwa Ibom state.

3.3 Sampling and sampling technique

A simple random sampling technique was be used to select 50 respondents from the population
for this study.

3.4 Instrument/Method of Data Collection

The study made use of primary source of data. Concerning the primary source, questionnaire
was used to gather the data. The questionnaire was divided into two sections; section A is for
the demographic information of the respondents, while section B was the main questions to
address the research questions. The questionnaire is a four-point rating scale (Likert scale),
starting from strongly agreed (SA), agreed (A), disagreed (d), and strongly disagreed (SD). The
questionnaire was designed in such a way that every question in the questionnaire was related to
the research questions and hypothesis of the study. Also the result was used to answer the
research questions and test the relevant hypothesis.

19
3.5 Validity and Reliability of the Instrument
The instrument was first validated by three (3) experts in the field of measurement and
evaluation and research. And a test- retest was conducted after a pilot survey using the same
instruments in Asaba, Nigeria where a Crombach alpha statistics of 0.72 was obtained, showing
that the instrument is reliable for the study.

3.6 Method of Data Analysis

A mean score rating method was used to analyses the data based on the 2.5 acceptance region
format to answer the research questions of the study, while to address the research hypothesis,
the chi-square was used. SPSS version 20 was used for the analysis.

20
 CHAPTER FOUR
PRESENTATION AND ANALYSIS OF RESULTS

This section presents the results of the field study; it shows the descriptive information of the
respondents, the results of each of the research questions and the test of hypothesis.

4.1 Demographic Information of the Respondents

Table 4.1: Distribution of the Respondents based on their

Gender
Frequency Percent Valid Cumulative
Percent Percent
Male 15 30.0 30.0 30.0
Valid Female 35 70.0 70.0 100.0
Total 50 100.0 100.0

Based on the result on table 4.1 above, it can be observed that about 30 percent of the
respondents for this study are male, while, a majority of 70 percent is female. Showing that
randomly female are selected more than male probably because the majority of the staff
members of CBN, Uyo are female.

Table 4.2: Distribution of the Respondents based on their Marital

Status
Frequency Percent Valid Cumulative
Percent Percent
Married 23 46.0 46.0 46.0
Single 6 12.0 12.0 58.0
Valid Widow 19 38.0 38.0 96.0
Separated 2 4.0 4.0 100.0
Total 50 100.0 100.0

21
Based on the distribution of the respondent on their marital status, it is observed that about 23 of
the respondents making up of about 46 percent of the total respondents are married; while 38
percent of the respondents are widowed.
Table 4.3: Distribution of the Respondents based on their Age
Frequency Percent Valid Cumulative
Percent Percent
Below 20 years 5 10.0 10.0 10.0
21-30 years 13 26.0 26.0 36.0
31-40 years 13 26.0 26.0 62.0
Valid
41 years and
19 38.0 38.0 100.0
above
Total 50 100.0 100.0

From the responses on the age distribution of the respondents presented on table 4.3 above, it
can be deduced that about 38 percent of the respondents are above 41 years of age, while 52
percent are in between the ages of 21 and 40. This shows that majority of the respondents are
youths who are very useful to the society.

Table 4.4: Distribution of the Respondents based on their highest Educational

Qualification
Frequency Percent Valid Percent Cumulative
Percent
Masters Degree 19 38.0 38.0 38.0
B.Sc/B.ED 19 38.0 38.0 76.0
Valid Ph.D 9 18.0 18.0 94.0
NCE/OND 3 6.0 6.0 100.0
Total 50 100.0 100.0

Based on the distribution of the respondents based on their highest educational qualification,
about, it can be observed that majority of the respondents have higher degrees of masters, this
group comprises of about 38 percent. Also the next 38 percent of the respondents are bachelor’s

22
degree holders while about 18 percent of the respondents are Ph.D holders. None of the
respondents is a first school leaving certificate holder, indicating that most of the respondents
are educated and can survive on their own based on their educational qualifications.

Table 4.5: Distribution of the Respondents based on their Religion

Frequency Percent Valid Percent Cumulative
Percent
Christianity 29 58.0 58.0 58.0
Islam 12 24.0 24.0 82.0
Valid
Others 9 18.0 18.0 100.0
Total 50 100.0 100.0

From the result above, about 29 of the respondents making up of about 58 percent of the
respondents are Christians, while just 24 percent of the respondents are Muslims. This is an
indication that most of the respondents are Christians.

4.2 Answer to the Research Questions

Research Question One: What is crypto currency?
Table 4.7: Responses of the respondents on what is crypto currency
S/N Statement N Mean Std. Decision
Deviation
1 it is a digital money 50 2.6000 1.03016 Accepted
2 can be used in making payment 50 3.4000 .63888 Accepted
3 example is Bitcoin 50 2.9000 .63888 Accepted
4 can be transferred from one person to 50 2.5000 .63888 Accepted
the other
5 It is not yet recognized in Nigeria 50 2.8000 .75593 Accepted
Valid N (listwise) 50
From the responses of the respondents as presented on table 4.7 above, the majority of the
respondents generally agreed that the crypto currency is a digital money; it can be used in
making payment; example of a crypto currency is Bitcoin and it can transferred from one
person to the other. However, the currency is not recognized in Nigeria.

23
Research Question Two: What are the effects of crypto currency on the value of the Nigerian
naira?
Table 4.8: Responses of the respondents on the effects of crypto currency on the value of the
Nigerian naira
S/N Statement N Mean Std. Decision
Deviation
1 it reduces pressure on the naira 50 2.6000 1.03016 Accepted
2 it reduces the value of the Naira 50 3.4000 .63888 Accepted
3 It makes naira worthless 50 2.9000 .63888 Accepted
4 reduces the cost of printing the naira 50 2.5000 .63888 Accepted
5 reduces the cost of governance 50 2.8000 .75593 Accepted
6 the effect of the crypto currency on 50 2.7344 .32454 Accepted
value of the Nigeria naira is low
Valid N (listwise) 50

From the response of the respondents on the effect of the crypto currency on the value of the
naira. the respondents generally agreed with all the items listed with a mean score of 2.5 and
above. That is, that the effect of the crypto currency on the value of the naira include but not
limited to reduction of pressure on the naira; reduction in the value of the naira; makes the naira
worthless; reduction in the cost of printing the naira and reduction in the cost of governance.

24
4.3 Research Hypothesis:
Ho1: the effect of the crypto currency on the value of the Nigerian naira is significantly low
Decision rule: Reject the null hypothesis if the Asymp level of significant is less than 0.05.
Otherwise, do not reject the null hypothesis.
Table 4.9 Test of hypothesis table two
Test Statistics
the effect of the crypto currency on the value of the Nigerian naira is
significantly low

14.8
Chi-Square
31a

df
3
Asymp. .0
Sig. 71
a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected
cell frequency is 25.0.
Conclusion
Since the Asymp Sig. level of this the test is 0.071 which is far much higher than the 0.05
acceptance region, we therefore fail to reject the null hypothesis and conclude that the effect of
the crypto currency on the value of the Nigerian naira is significantly low.

25
 CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary
This study focused on the effects of crypto currencies on the value of the Nigerian naira. The
study was set to address two objectives which include;
i. To describe the meaning of crypto currency
ii. To determine the effects of crypto currency on the value of the Nigerian naira
Based on the above stated objective and the study carried out, the following findings were
made:
i. That the crypto currency is a digital money; it can be used in making payment;
example of a crypto currency is Bitcoin and it can be transferred from one person to
the other. However, the currency is not recognized in Nigeria.
ii. that the effect of the crypto currency on the value of the naira include but not limited
to reduction of pressure on the naira; reduction in the value of the naira; makes the
naira worthless; reduction in the cost of printing the naira and reduction in the cost
of governance.

5.2 Conclusion
The main purpose of this study was to assess the 21 st century and cryptocurrency. Two
research questions guided the study with one research hypothesis.
In this study, a survey research design was adopted, the population comprises all the CBN,
Uyo, Akwa Ibom state, a simple random sampling technique was used to select 50
respondents for the study and a questionnaire was the instrument for data collection. Relevant
literature were reviewed which guided the objectives and methodology of this study. As result
of the field study and analysis of results, the following findings were made:
i. That the crypto currency is a digital money; it can be used in making payment;
example of a crypto currency is Bitcoin and it can be transferred from one person to
the other. However, the currency is not recognized in Nigeria.
ii. that the effect of the crypto currency on the value of the naira include but not limited
to reduction of pressure on the naira; reduction in the value of the naira; makes the
naira worthless; reduction in the cost of printing the naira and reduction in the cost
of governance.

26
5.3 Recommendations
Based on the findings of this study, the following recommendations are made:
i. Government should do enough to discourage the use of crypto currency in Nigeria
ii. The CBN should enlighten the citizens on the harmful effect of using crypto currency
iii. Crypto currency should be banned in Nigeria

27
 APPENDIX I
QUESTIONNAIRE

THE 21ST CENTURY AND CRYPTOCURRENCY

Good day sir/ma,

I am Umoh, Amos Amos researching the 21 st century and cryptocurrency . This study will be of
help to the CBN in currency management. I hope to have a few minutes of your time to fill out
this questionnaire as all information u provided on this questionnaire is highly confidential and
can only be used for this research purpose. Your identity is not needed in any way.

There are different section questions in this questionnaire with each question to be answered
with Strongly Agree, Agree, Disagree and Strongly Disagree response. Please place a tick (“√”)
mark on the box for your response.

Please tell me if you have any other questions about the research or in how to fill in the
questionnaire. On completion, please just hand back the form to me.

Thanks for your anticipated corporation.

28
Section A: Background Information
1. Gender
a. Male [ ]
b. Female [ ]
2. Marital status
a. Married [ ]
b. Single [ ]
c. Widow [ ]
d. Separated [ ]
e. Divorced [ ]
3. Age
a. Below 20 years [ ]
b. 21-30 years [ ]
c. 31-40 years [ ]
d. 41 years and above [ ]
4. Highest Educational qualification
a. No formal education [ ]
b. FSLC [ ]
c. SSCE [ ]
d. NCE/OND[ ]
e. B.ED/BSC [ ]
f. Ms.c [ ]
g. Ph.D [ ]
Section B; the research questions
What is crypto currency?
S/N Statements SD D A SA
1 it is a digital money
2 can be used in making payment
3 example is Bitcoin
4 can be transferred from one person to the other
5 It is not yet recognized in Nigeria
What are the effects of crypto currency on the value of the Nigerian naira?

29
S/N Statements SD D A SA
1 it reduces pressure on the naira
2 it reduces the value of the Naira
3 It makes naira worthless
4 reduces the cost of printing the naira
5 reduces the cost of governance
6 the effect of the crypto currency on value of the Nigeria naira is
low

30
 REFERENCES
Agence France-Presse. (2015, July 8). Switzerland begins postal delivery by drone. Retrieved
from theguardian.com: http://www.theguardian.com/technology/2015/jul/08/swiss-
postbegins-testing-postal-delivery-by-unmanned-drone AUVSI.
(2014). Connecting the Unmanned Systems Community Across the Globe. Retrieved
from auvsi.org: http://www.infoag.org/abstract_papers/papers/paper_236.pdf AV. (2015).
Annual Reports. Retrieved from AVinc.com: http://investor.avinc.com/annuals.cfm
Canis,B. (2015). Unmanned Aircraft Systems (UAS): Commercial Outlook for a New Industry .
Washington: Congressional Research Office. Carvalho,
S. (2015, February 24). Firms see drone sales in Gulf surging after U.S. eases export
policy. Retrieved from Reuters.com: http://www.reuters.com/article/2015/02/24/mideastusa-
drones-idUSL5N0VY2GU20150224 Brennan, C., & Lunn, W.
(2016, August 3). Blockchain. Retrieved from Finextra:
https://www.finextra.com/finextra-downloads/newsdocs/document-1063851711.pdf Clancy, T.
(2016, January 20). Ecommerce at Large Coming Around to the Idea of Bitcoin. Retrieved from
Cryptocoins News: https://www.cryptocoinsnews.com/ecommerce-atlarge-coming-
around-to-the-idea-of-bitcoin/ CNBC. (2015).
The top Hispanic entrepreneurs in America. Retrieved from CNBC:
http://www.cnbc.com/2015/05/01/the-top-hispanic-entrepreneurs-in-america.html?
slide=8 Cohen, A. (2015, August 15).
Top defense contractors spend millions to get billions. Retrieved from Center for Public
Integrity:http://www.publicintegrity.org/2015/08/05/17776/topdefense-contractors-
spend-millions-get-billions Council on Foreign Relations. (2015).
Global Conflict Tracker. Retrieved from cfr.org: http://www.cfr.org/global/global-
conflict-tracker/p32137#!/ Dawei, Y. (2015, July 23). The Rise of China’s Drones. Retrieved
from Slate.com:

http://www.slate.com/articles/technology/caixin/2015/07/drones_in_china_can_the_count
ry_s_industry_for_uavs_bloom.html Deloitte & Touche LLP. (2010).
Global Aerospace Market Outlook and Forecast. Deloitte. (2014). Global Aerospace and
Defense (A&D) Sector. Deloitte Development LLC.
Retrievedfrom
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Manufacturing/gxmfg-2014-
a-and-d-globalfinancialperformancestudy-infographic.pdf El Akkad, O., & Cryderman,
K. (2014, April 7). Canadian technology and the flight of the drones.
Retrieved from The Globe and Mail: http://www.theglobeandmail.com/technology/tech-
news/canadian-technology-and-theflight-of-the-drones/article17849259/
Frost & Sullivan. (2013, May 20). Israel is Top Global Exporter of Unmanned Aerial Systems
with a Continued Positive Outlook Ahead. Retrieved from frost.com:
http://www.frost.com/prod/servlet/press-release.pag?docid=278664709 GA. (2015).
General Atomics - History. Retrieved from GA: http://www.ga.com/history Garcia, Z. (2013,
April 19). What Flies When it Comes to Drone Laws Across the Globe. Retrieved from
University of Missouri:
http://www.missouridronejournalism.com/2013/04/what-flies-when-it-comes-to-dronelaws-
across-the-globe/ Hackett, R. (2016, May 23). Wait, What Is Blockchain? Retrieved from
Fortune: http://fortune.com/2016/05/23/blockchain-definition/ IBISWorld.

31
 (2015, April). Unmanned Aerial Vehicle (UAV) Manufacturing in the US. IBISWorld Industry
Report OD4424. INEA. (2014). Global Commercial and Civil UAV Market Guide.
Investopedia. (2016, October 15). Cryptocurrency.
Retrieved from Investopedia: http://www.investopedia.com/terms/c/cryptocurrency.asp
Joshi, S., & Stein, A. (2013). Emerging Drone Nations. Survival:
Global Politics and Strategy, 53-78. Lee, J. (2009, April 30). Aristotle and the Definition of
Money. Retrieved from The Market Oracle:
http://www.marketoracle.co.uk/Article10370.html McCarthy, T. (2015, October 16). Snowden
and Ellsberg hail leak of drone documents from new whistleblower. Retrieved from The
Guardian: http://www.theguardian.com/usnews/2015/oct/16/drone-documents-whistleblower-
edward-snowden-daniel-ellsberg Norththrop Grumman. (2014). Annual Report. Retrieved from
http://www.northropgrumman.com/AboutUs/AnnualReports/Documents/pdfs/
2014_noc_ ar.pdf Norththrop Grumman. (2015). Our Heritage. Retrieved from Norththrop
Grumman: http://www.northropgrumman.com/AboutUs/OurHeritage/Pages/default.aspx
Reuters. (2015, February 18). Lockheed says international sales could reach 30 percent of
annual revenue. Retrieved from Reuters: http://www.reuters.com/article/us-
lockheedinternational-idUSKBN0LN01C20150219 Song, X. (2014, April 20). Fly the
Automated Skies: Drones and the Rise of the Civilian UAV Sector. Retrieved from datafox.co:
http://www.datafox.co/blog/2014/04/fly-theautomated-skies-drones-and-the-rise-of-the-
civilian-uav-sector/ Stevenson, B. (2015, October 15). Japan to introduce new UAV regulations.
Retrieved from flightglobal.com: https://www
Tabuchi, H. (2015, February 6). Rushing to Cater to America’s Rich. Retrieved from
nytimes.com:http://www.nytimes.com/2015/02/07/business/makers-of-luxury-
goodsshift-focus-to-united-states.html Teal. (2014, July 14). Teal Group Predicts Worldwide
UAV Market Will Total $91 Billion in Its 2014 UAV Market Profile and Forecast.
Retrieved from tealgroup.com: http://www.tealgroup.com/index.php/about-teal-group-
corporation/press-releases/118- 2014-uav-press-release The Economist. (2013, March
9). All eyes on the sharing economy. Retrieved from economist.com:
http://www.economist.com/news/technology-quarterly/21572914- collaborative-consumption-
technology-makes-it-easier-people-rent-items The World Bank. (2015, April 15).
Massive Drop in Number of Unbanked, says New Report. Retrieved from The World Bank:
http://www.worldbank.org/en/news/pressrelease/2015/04/15/massive-drop-in-number-of-
unbanked-says-new-report UAVGlobal. (2015). UAV Global - List All Manufacturers.
Retrieved from UAV Global: http://www.uavglobal.com/list-of-manufacturers/ United States
GAO. (2013, March). Assessments of Selected Weapons Programs. Retrieved from GAO:
http://www.gao.gov/assets/660/653379.pdf World Bank. (2015). Retrieved from The
World Bank: http://data.worldbank.org/indicator/MS.MIL.XPND.GD.ZS

32