Regulatory Challenges in Cryptocurrency

The study examined regulatory challenges in cryptocurrency with particular reference to the first bank Nigeria Plc. The study specifically examined the effect of Bitcoin (BTC) payment system, Litecoin (LTC) payment system, Ethereum (ETH) payment system, and Bitcoin Cash payment system on the profit for the year of first bank Nigeria Plc. Data for the study was sourced through annual reports and accounts of first bank Plc for a period of 10 years, data collected were analyzed using multiple regression analysis. The result of the analysis shows that Bitcoin (BTC) payment system has a positive and significant effect on the profit for the year of the first bank Nigeria Plc. It was also observed that Litecoin (LTC) payment system has a negative significant effect on the profit for the year of first bank Nigeria Plc. The study further shows that there is a negative effect of Ethereum on Profit for the year of first bank Plc. The study further indicates that Bitcoin Cash has a positive and significant effect on Profit for the year of first bank Plc. Several financial regulatory authorities and institutions issued casual warnings to the general public, advising of the risks of involvement in digital currencies; however, digital currencies (especially cryptocurrencies) are thriving since the number of businesses and persons who accept them as payment is increasing by the day. A significant number of people are now fully convinced that the digital currency Bitcoin is legitimate, safe, and has value. "Bitcoin is going to be transformative" but unfortunately, since it is virtually untraceable it has been used for a host of nefarious purposes. Although, digital currencies may be very attractive to cybercriminals and fraudsters and present a host of new challenges to law enforcement in Nigeria, its adoption as a tool for national development in the digital age should be widely encouraged. According to forecasts from Statistic, by 2021 the size of the blockchain technology market will grow to over $2 billion.