Evaluating the Taxability of Cryptocurrencies (Bitcoin) in Nigeria – Lessons from the United States and Australia

Journal
Nwabachili, C.; Ugwuanyi, I.; Nwafor, N.
Australia; Nigeria; United States
Finance and Capital Markets (formerly Derivatives & Financial Instruments) 2019 (Volume 21), No. 5
PriceUSD 45

Governments over the world have been either proactive or reactive in providing some institutional-legal frameworks towards regulating cryptocurrencies. However, it appears that no such measures have yet been introduced in Nigeria, despite its citizens’ patronage level of digital currencies. This article therefore sets out to appraise the nature of Bitcoin (BTC), this being the most popular of the cryptocurrencies. This is done with a view to ascertaining the legal status and taxability of Bitcoin in Nigeria.