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EFFECT OF CRYPTOCURRENCY BAN POLICY ON UNEMPLOYMENT RATE IN
NIGERIA
EFFECT OF CRYPTOCURRENCY BAN POLICY ON UNEMPLOYMENT RATE IN
NIGERIA
CHAPTER ONE
INTRODUCTION
BACKGROUND OF STUDY
The global financial system is no doubt embracing the current
transition from physical currency to almost virtual currencies through the
medium of technology. This wave has ushered in the birth of crypto currencies.
In the light of this outbreak, there has been a lot of positive and negative
discourse on the value of crypto-currencies to the Nigerian fiscal system.
Investors have in their masses invested in crypto currencies, the most common
being Bitcoins all in a bid to some sort of recoup interests in the nearest
future. Economics research to this point has furnished little perception into
the economic relevance of cryptocurrencies. Most current model of
cryptocurrencies are built by Computer scientists who mainly focus at the
feasibility and security of those systems. Such considerations, however, are
pivotal for understanding the optimal layout and, hence, the financial price of
cryptocurrency as a means of payment.
According to Nakamoto (2008), cryptocurrency is a
peer-to-peer Electronic Cash System. The peer-to-peer system of cryptocurrency
is built on blockchain, thus, allowing transactions to take place between users
directly, without any intermediary (Hameed & Farooq 2016; Grech, &
Camilleri, 2017). It allows anonymous transaction between parties and as such,
parties do not know the true identity of each other (Dierksmeier & Seele,
2016). This may be necessary because, the entire details of the transaction of
every participant on the cryptocurrency blockchain is publicly revealed to
other users (Bech & Garratt, 2017). Unlike the traditional currency which
is issued at interval determinable by the Central Bank of each country, cryptocurrency
like bitcion are mined at a fixed issuance algorithm such that the number of
Bitcoins to be mined is halved every year.
Although the use of cryptocurrency as a basic money account
is aimed at granting all people the right to a verifiable internet identity
(Johnston, 2002), there are lots of speculations around its future. Despite the
risks associated with this currency, the rate of its growth is astonishingly
benevolence and challenging. With its growth, Governments are thrown into
dilemma. However the overwhelming benefits of cryptocurrencies has at as when
accessible serve as a source for meeting the daily financial needs of masses
with no positive employment status and those who suffered unemployment.
Unemployment is one of the developmental problems currently
facing all developing economies of the world (Patterson et al, 2006), and
Nigeria is not an exception. Unemployment or joblessness occurs when people are
without jobs and they have actively sought work within the past five weeks
(International Labour Organization, 1982; Fajana, 2000). Though unemployment
occurs to people of all categories but its effect has bitten more sarcastically
hard on the youth. Unemployment is a global challenge, but worse in developing
countries of the world, with attendant social, economic, political, and
psychological consequences. It contributes to low GDP and leads to increase in
crime and violence, psychological effect, adverse effect on health and
political instability (Njoku & Ihugba, 2011). Unemployment in not a recent
challenge in Nigeria as the national unemployment rate rose from 4.3 per cent
in 1970 to 6.4 per cent in 1980 and have ever since increased.
Nigeria, the largest economy in Africa, has been unable to
efficiently tackle its increasing unemployment rate – a ticking time bomb, if
not addressed quickly. In 2020, the frontier market witnessed a rise in its
unemployment rate, due to an ever-growing dependent population, reduction in
the total output of goods and services, and the unprecedented COVID-19
pandemic, which negatively impacted the economy and led to job loss for
thousands of Nigerians.
Such unimpressive economic data was however managed, since
the financial benevolence of cryptocurrencies was overwhelming it triggered a
massive engagement of Nigerians. Many unemployed Nigerians can utilized the
tools behind crypto and blockchain to generate income, as traditional jobs
steadily become outdated. “Since the adoption of cryptocurrency in Africa,
Nigeria has become a major hot zone in the African cryptocurrency space. The
adoption of blockchain/cryptocurrency by Nigerians, has been able to give jobs
to young Nigerians (Chike Okonkwo 2020).
Relatively, the Nigeria government has placed a ban on
cryptocurrency on on Feb. 5, 2021. In light of Nigeria’s efforts to advance its
digital economy agenda, the crypto decision seems counterproductive and
reactive. While the crypto ban has led to an initial chill, with banks closing
accounts of some owners with their funds, this policy has led to loss of jobs as
cryptocurrency companies in Nigeria were shot-down and the traders unable to
perform transactions.
1.2 STATEMENT OF PROBLEM
Cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc has
helped the unemployed facilitate small-scale international trade. Crypto
enables parties to sell products in exchange for Bitcoin or other cryptos.
These features of cryptocurrencies has successfully serve as employment
opportunity for unemployed individuals in Nigeria (Nanus 2018). According to
Adebisi (2021), the ban on cryto transaction in Nigeria has placed so many
reactions, frustrations, mistrust and regret among traders of cryto in Nigeria,
as banks blocked all cryto-related accounts, transactions and cryptocurrencies
companies in Nigeria are shut down thereby leading to loss of job of hundreds
of Nigeria citizens. Hence many Nigeria citizens have returned to their
previous unemployed status thereby increasing the unemployment rate. Unemployed
citizens however suffers the ugly consequences of unemployment, as meeting their
financial needs becomes a hard nut to crack. Thus this study oversees the
homogeneous effect of cryptocurrency ban policy on unemployment rate in
Nigeria.
1.3 PURPOSE OF THE STUDY
The apex grail of this study is to investigate the effect of
Cryptocurrency Ban Policy on Unemployment Rate in Nigeria. Other specific
objective include;
Identify the impact of cryptocurrency on the economy of
Nigeria.
Investigate the effect of cryptocurrency on the finance need
of unemployed Nigeria citizens.
Examine the effect of cryptocurrency ban on Nigeria crypto
traders.
Investigate if cryptocurrency was an opportunity for
unemployed Nigerians.
1.4 RESEARCH QUESTION
1. what is the effect of cryptocurrency ban on unemployment
rate of Nigeria?
2. what is the impact of crypto on the economy of Nigeria?
3. what is the effect of cryptocurrency on the finance need
of unemployed Nigeria citizens?
4. Does the ban of crypto business in Nigeria affect crypto
traders?
5. Was cryptocurrency an opportunity for unemployed
Nigerians?
1.5 SIGNIFICANCE OF THE STUDY
The findings of this study will in no doubt be of great
relevance to the financial regulators, policy formulators, the apex financial
institution in Nigeria and the entire Government body as it will apprise them
on how the ban of crypto in Nigeria is marful and deteriorating or beneficial
to the citizens of the nation and how this policy has contributed to
unemployment rate in Nigeria.
This study will as well serve a source guide to researchers
and students who would likely carryout further research on a topic similar to
the one discussed in this study.
1.6 SCOPE OF THE STUDY
This study will cover the effect of Cryptocurrency Ban Policy
on Unemployment Rate in Nigeria. This study is limited to Lagos state
residents.
1.7 LIMITATIONS OF THE STUDY
The major limitations the researcher encountered while
carrying out this research work were insufficient finance, inadequate time and
unavailability of relevant materials in this research domain.
1.8 DEFINITION OF TERMS
Cryptocurrency: A cryptocurrency is a digital or virtual
currency that is secured by cryptography, which makes it nearly impossible to
counterfeit or double-spend. Many cryptocurrencies are decentralized networks
based on blockchain technology—a distributed ledger enforced by a disparate
network of computers.
Policy: A policy is a deliberate system of principles to guide
decisions and achieve rational outcomes. A policy is a statement of intent, and
is implemented as a procedure or protocol. Policies are generally adopted by a
governance body within an organization
Unemployment: This term is used to refer to individuals who
are employable and actively seeking a job but are unable to find a job.
Included in this group are those people in the workforce who are working but do
not have an appropriate job.
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