In terms of economics, the introduction of these new technologies has the potential to restrict, if not completely eliminate, the benefits of their beneficial impacts.
Cryptocurrencies are not without their challenges however, for instance, they have exhibited periods of extreme volatility, which limits an asset’s ability to fulfill two of the classic functions of money to wit; to act as a stable store of value that people can hold and use predictably in the future, and to serve as a meaningful unit of account that can be used to assign a comparable value of goods and services.
“A youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, are merging to create the perfect recipe for a thriving Fintech Sector in an electronic age where every day financial transactions are conducted on electronic platforms.”
The Nigerian Constitution, 1999: The constitution, being the principal instrument of law in Nigeria only provides a blanket provision regarding mining. Section 44(3) provides thus: “Notwithstanding the foregoing provisions of this section, the entire property in and control of all minerals, mineral oils and natural gas in under or upon the territorial waters and the Exclusive Economic Zone of Nigeria shall vest in the Government of the Federation and shall be managed in such manner as may be prescribed by the National Assembly.”