As the awareness into the possibility replacing cryptocurrency with normal currency take the centre stage, an academic Don, a Professor of Law at the Ambrose Alli University, Ekpoma, Edo State, Professor Jim Akhere, has stated that bitcoin as an encrypted virtual currency is a revolutionary and disruptive concept of currency that is bound to hold sway in Modern Global economic order.
He argued that “ the normal currency which depends on central government planning and control is subject to instability, economic volatility and it is used for transaction settlements during which process it can easily be debased adding that “paper money ultimately reverts to its original intrinsic value which is zero“
This position was contained in a paper presented by Professor Jim Akhere at workshop held in Lagos recently on
Cryptocurrency under the aegis of DBI& Spindlar Cyberlaw Centre.
He pointed out that the advantages in the use of Cryptocurrency- it’s scam free nature, instantaneous settlements, lower fees, accessibility to everyone and absence of identity theft, are irresitatable qualities in the use of Cryptocurrency.
Speaking further he said “ Cryptocurrency enjoys universal recognition which means inter alia, absence of interest rates to transactions. The use of Cryptocurrency in international transaction is very profitable, devoid of interest rates among others.
“ Like the dollar, the Euro, the Pound Sterling, the Yen, the Peso, Bitcoin is a currency different from all other currencies because it has no nationality, it is not controlled by any national or supranational government and it has made its entry into the world economic system with the force of arms-vi et-armis”
“Bitcoin is an encrypted currency as shown from the address of its owner on the logbook/blockchain aforementioned. It has come to challenge global economic order in a ground breaking manner. The whole concept of Bitcoin has ushered in the term Cryptocurrency into our world”
He added that despite the intractable problems of control associated with Cyberspace, Cryptocurrency has come to stay and should be accepted.