Crypto growth is a far greater threat to the global economy” – Economics Bitcoin News

The Chairman of Nigeria's Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has described the growth of cryptocurrencies as something that now poses "a far greater threat to the global economy." To deal with such dangers or threats, Bawa therefore advocates for a “collective and collaborative approach by authorities around the world.”

Economic crime harms the global financial system

According to a Test report by Vanguard, the EFCC Chairman made the remarks while speaking at a symposium organized by the Center for International Documentation of Organized and Economic Crimes (CIDOEC). Meanwhile, at the same meeting organized to discuss the cost of economic crime and who should foot that bill, Bawa is quoted as explaining why countries need to work together on it. He said:

[Economic crimes] die lebenswichtigen Strukturen der Weltwirtschaften beeinträchtigen, dem globalen Finanzsystem erheblichen Schaden zufügen und den Entwicklungsländern die für eine nachhaltige Entwicklung benötigten Ressourcen vorenthalten.

Bawa also warned that developed countries, like their less developed counterparts, are not immune to a scourge that has been exacerbated by “the proliferation of cybercrime that threatens the stability of global financial institutions.” To drive this point home, Bawa uses the example of how criminals are now choosing to “make or receive illicit funds.” [such as ransom money]for cyberattacks on cryptocurrencies.”

Victims of white-collar crime are not allowed to bear the costs

Meanwhile, the EFCC Chairman also addressed the issue of who should bear the cost of economic crimes. The report quotes Bawa explaining his position on the issue. He said:

“As crime victims worldwide continue to suffer the impact of financial crime, either directly or indirectly as part of a social system, determining who pays or should pay becomes a critical measure of the existing criminal justice system.”

However, the EFCC chairman insists that “the perpetrators and not the victims” must pay for the crimes.

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

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