A teeming and vibrant youth population has driven crypto adoption in Nigeria and presently, it is not uncommon to find cryptocurrency among the investment portfolios of many Nigerians.
What followed was a public outrage against this government policy which was described as ‘regressive, insensitive and against the development of the youth’. The new central bank administration in 2023 reversed the ban, acknowledging the global cryptocurrency trend and the need for regulation. In essence, their policy was to tame the storm rather than refuse to sail.
Other principles for which a State can exercise jurisdiction beyond its jurisdiction are on the basis of nationality which means that a State can extend its jurisdiction to its nationals even when they are outside the State the protective principle which means that a State can impose jurisdiction on its nationals or foreign citizens if their actions completed outside the State threaten the interests, or business of the State, the passive personality principle which allows a State to impose...
Where the rights of a foreigner have been violated by a foreign country, the country of nationality of the foreigner can challenge this act as an element of violation of its own sovereignty. In essence, the arrest of a national in a foreign State without the authorisation of the national State is prohibited in international law.
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