Chairman of Nigerian Economic Crimes Commission: Crypto Growth Is a ‘Far Greater Danger to the World Economy’

Chairman of Nigerian Economic Crimes Commission: Crypto Growth Is a ‘Far Greater Danger to the World Economy’


The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses “a far greater danger to the world economy.” Therefore, in order to deal with such dangers or threats, Bawa advocates for a “collective and collaborative approach by authorities around the world.”

Economic Crimes Harm the Global Financial System

According to a report by Vanguard, the EFCC chairman made these remarks while speaking at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting which was organized to discuss the cost of economic crimes and who should foot this bill, Bawa is quoted explaining why countries must collaborate on this. He said:

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[Economic crimes] affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development.

Bawa also warned that developed countries,

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