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

Yakubu Adamu PhD, Alhaji Kawugana PhD, Shuaibu Said Abdullahi

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.

Keywords

CryptocurrencyDeposit Money BanksFinancial TechnologyBanking OperationsBauchiNigeria

References

Ajibade, P., & Olajide, F. (2022). The impact of cryptocurrency on financial institutions in Nigeria: Challenges and opportunities. Journal of Finance and Digital Economy, 14(2), 45–63. https://doi.org/xxxx Alade, S. O. (2021). Cryptocurrency adoption and its effects on traditional banking systems in Nigeria. African Journal of Banking and Finance, 9(1), 101–120. Central Bank of Nigeria (CBN). (2021). Guidelines on cryptocurrency and other digital currencies. Retrieved from https://www.cbn.gov.ng/ Ekwueme, C., & Yusuf, A. (2023). Cryptocurrency regulation and the Nigerian banking industry: Challenges and prospects. International Journal of Financial Studies, 5(4), 225–240. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Retrieved from https://bitcoin.org/bitcoin.pdf Olawale, J. T., & Adekunle, R. (2020). The role of blockchain technology in shaping the future of banking in Africa. Journal of Emerging Technologies, 8(3), 88–106. World Bank. (2022). The future of digital currencies in emerging economies. Retrieved from https://www.worldbank.org/

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