Block Chain Technology, Cryptocurrency and Revenue Generation: A Systematic Review

Abstract:

The huge debt profile of Nigerian government dictates the need to look for alternative means of financing. This paper explored how the Nigerian government can increase its revenue through block chain technology and crypto currency. The study adopted a qualitative research approach by reviewing related literatures. The study concluded that even though crypto currency was not recognized as legal tender in Nigeria, the government can take advantage of the emerging and growing market of crypto currency by taxing it, this study recognized the fact that Nigeria government just enacted an act imposing 10% capital gain tax on digital assets including crypto currency, the government can still do better. It therefore recommended that Nigeria government should adopt the USA model of taxing crypto currency whereby not only capital gain tax would be charged, but also income tax and value added tax; thereby increasing the total revenue generated from this avenue.