Impact of Crypto Currency on Some Selected Deposit Money Banks in Bauchi, Bauchi State

Abstract

The rapid evolution of financial technology has led to the increasing adoption of cryptocurrency worldwide. This study examines the impact of cryptocurrency on selected deposit money banks in Bauchi, Bauchi State. Specifically, it explores how cryptocurrency affects banking operations, customer transactions, financial security, and regulatory compliance. The study employs a mixed- methods approach, utilizing both qualitative and quantitative data collected through surveys, interviews, and financial reports from selected banks. Findings reveal that while cryptocurrency presents opportunities for financial inclusion and digital innovation, it also poses challenges such as regulatory uncertainty, security risks, and potential disruptions to traditional banking models. The study further highlights the stance of financial regulatory bodies on cryptocurrency transactions in Nigeria and their implications for deposit money banks. The research concludes with recommendations on how banks can adapt to the evolving financial landscape while mitigating risks associated with cryptocurrency adoption.

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