HAUSA NEWS
YORUBA NEWS
IGBO NEWS

POPULAR THIS WEEK

Local News

Police arrest woman over social media comment on tomato paste

September 25, 2023
FOLLOW US ON GOOGLE NEWS
SEND US NEWS
Monday, October 2, 2023
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
WITHIN NIGERIA - NEWS PICKS
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS
No Result
View All Result
WITHIN NIGERIA - NEWS PICKS
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
  • ENTERTAINMENT
  • MORE

Terrorists, kidnappers now demanding ransom in cryptocurrency – Moghalu

Sodiq Adewale Chocomilo by Sodiq Adewale Chocomilo
April 7, 2021
in National
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter

Former presidential candidate of the Young Progressives Party (YPP), Kingsley Moghalu has stated that terrorists and kidnappers are now demanding ransom in cryptocurrency.

This statement was made by the former presidential candidate while speaking on Tuesday at the cybertech global conference in Dubai, United Arab Emirates (UAE).

Moghalu said the digital currency became attractive to the criminals because it cannot be traced by regulatory agencies.

The former deputy governor of the Central Bank of Nigeria (CBN) said although cyber fraud remains a significant threat to fintech, the level of trust in fintech in Africa is much higher than in other parts of the world because it addresses the continent’s basic problems.

READ ALSO

Nigeria @ 63: We must forge united front to build our country – Tony Elumelu

JUST-IN: Ex-Minister Diezani arraigned before UK Court

BREAKING: Tribunal throws out NNPP’s petition against Nasarawa Governor

I would have depreciated Naira to N600 – Peter Obi

“Cryptocurrency has become attractive to kidnappers and terrorists who demand to be paid ransom in the currency because it is not easily traceable and is uncontrolled by governments and central banks,” Moghalu said.

“Although the Central Bank of Nigeria has barred cryptocurrency platforms and bank accounts from its banking system, Nigeria remains one of the world’s highest traders in cryptocurrency, in particular Bitcoin, coming in third behind only the United States and Russia with over $400 million in trades in 2020.

“Overall, African countries suffer from an under qualified cybersecurity workforce. The level of investment in cybersecurity in the fintech sector is still relatively low, although it is rising, and African banks are still vulnerable to cyber attacks.

“There is inadequate protection of ICT infrastructure and relatively weak cybercrime laws. There is a strong need for educational campaigns for fintech users, and the private sector, which hosts most fintech networks, needs to work more closely with governments in Africa to prevent and combat cybercrime. There is also significant opportunity for peer to peer exchange of best practices in cyber security between market players in technologically.

“Thus, while fintech in the west is a technological convenience in addition to what already exists, in Africa it serves much more basic needs such as communication itself, that most Africans previously lacked in terms of access to landlines. The trust fintech enjoys is directly correlated with its social origins.”

Discussion about this post

ADVERTISEMENT

LATEST

BREAKING: Tribunal Sacks Nasarawa Gov, Declares PDP’s Umbugadu Winner

October 2, 2023
Tony Elumelu

Nigeria @ 63: We must forge united front to build our country – Tony Elumelu

October 2, 2023

JUST-IN: Ex-Minister Diezani arraigned before UK Court

October 2, 2023

Police arrest three armed robbery suspects in Jigawa

October 2, 2023

JUST-IN: Tribunal Affirms Fintiri’s Election Victory As Adamawa Governor

October 2, 2023
Nasarawa State governor

BREAKING: Tribunal throws out NNPP’s petition against Nasarawa Governor

October 2, 2023
Load More
NEWS PICKS — WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • REPORT A STORY
  • PRIVACY
  • CONTACT US

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In