Abdulrasheed Bawa, who is the Chairman of the Economic & Financial Crimes Commission (EFCC) of Nigeria says that crypto is by far the worst danger to the global economy. Bawa urges the international community of regulators to take on board all national regulators and devise a mechanism to deal with this threat.
Nigerian EFCC is the major authority in the country which oversees economic and financial activities under the auspices of its Chairman, Abdulrasheed Bawa. While supervising, it also keeps a close watch on the criminal activities within the financial and economic sectors.
Recently, there was a conference held in Nigeria on the subject of organized crimes with regard to the economy and financials. The conference was also attended by EFCC’s Chairman as key guest speaker. During his address, Bawa stated that organized crimes, such as economic, are badly hurting the global economy. Such crimes are not only adversely affecting the world’s economies but also causing severe harm to sustainable development. World nations are in need of resources through which they can opt for sustainable development, however, resources are vanishing because of organized crimes.
He further explained that even the developed countries are not prone to such dangers and risks because of the scourge of cyber-crimes. He drew the audience’s attention towards the incidents of recent cyber-crimes involving activities of ransomware and scams. He said that there so many options available with the criminals to organize and commission their criminal activities. However, there is none, which is far worse than the use of cryptocurrencies, opines Bawa.
According to Bawa most of the organized crimes activity is stemming from the use of cryptocurrencies. He thinks that crypto itself is a great attraction for the criminals alone who are misusing it for their own benefits. But the loss is caused to the general public and the national exchequer, he said. Unfortunately, there is no criminal justice system in place against crypto criminals in Nigeria or elsewhere. He then urged the international community and invited them to sit together.
Bawa advocates that crypto is by far the worse danger hovering over the global economy and needs to be addressed. He presented a proposal in which he is looking forward the whole world joining him. He says that the regulators of each country will need to join the cause against the common enemy. He opines that an international criminal justice system should be devised by everyone’s efforts. If the issue is not addressed then it will hurt the financial stability factor gravely. It is time to now stand with the victims and making the criminals pay for their cybercrimes.
He then stressed upon the need to have a global crypto regulatory system, which he thinks has become for the past many years.