FLIPPING THE “NAIRACOIN”: THE LEGAL SIDE OF CRYPTOCURRENCIES

Borderless Financial transactions are suddenly upon us and novel ways of storing value; Money, stocks, shares, derivatives, Gold bars, artworks, real estate and more recently Cryptocurrencies such as Bitcoin, Ripple- XRP, Binance and Ethereum. In July 2016 more than 700 cryptocurrencies were available for trading digitally worldwide, with only 9 of them having market capitalizations worth $10 Million dollars (1) today there are over 1500 cryptocurrencies with a market capitalization of over $1trillion Dollars (2) the price of a bitcoin currently barring any issues of volatility is about $55,000 Dollars. (more…)