Cryptocurrency Basics: A Workshop for The Nigerian Police & Law Enforcements at LagosBlockDeFi2020
Cryptocurrency, a digital payment system that functions outside of traditional financial systems in a trustless environment, is a rapidly developing issue for The Nigeria Police and other local law enforcements. Transacting in cryptocurrency creates the perception of elevated levels of confidentiality or pseudonymity, hence often perceived as illegal by the men of the force, leading to the constant indiscriminate arrest and detention of persons who are perceived to be dealing with these new asset classes. As this misunderstanding of emerging trends in decentralized finance and other related innovations by our law enforcement continues to generate negative impacts in the economy, criminal exploitation of these systems and methods continue to soar undetected by these same law enforcement agents.
With cryptocurrency now firmly entrenched in both domestic and international commerce, it is vital that The Nigeria Police and relevant law enforcement agencies have a firm understanding of what cryptocurrency is, how it works, and how it can be used in both legitimate and illicit activities. They need to understand on a very fundamental level what Bitcoin and other decentralized digital financial assets are and the opportunities they offer to Nigerian youths for economic advancement.
Currently, many in the law enforcement agencies including EFCC are behind the curve when it comes to understanding cryptocurrencies. Law enforcement officers need to stay abreast of all cryptocurrencies, knowing how they are being used and manipulated.
The recent arrest and incarceration of Mr. Emmanuel Edet, a cryptocurrency trader in Uyo, Akwa Ibom State, and many others in recent times have thrown out fundamental issues that we believe the right education will help to resolve. It is in the light of the aforementioned that, Blockchain Nigeria User Group will be organizing a one-day free Cryptocurrency Workshop for The Nigeria Police and Law enforcements as a side event at the upcoming Lagos Blockchain & Decentralized Finance Conference 2020 aka #LagosBlockDeFi2020.
It will be a 1hour 30mins workshop session on 30th May 2020 to help these gallant men understand how to navigate the murky waters of these new types of money.
This is the first Workshop in the “Understanding Cryptocurrency Investigation series” planed by BNUG.
After attending this workshop, the participants should be able to;
1. Define cryptocurrency and its use in the broader digital economy.
2. Identify different types of cryptocurrencies (Bitcoin, Ethereum, Dash, etc) and the difference between them and MLM Ponzi Schemes.
3. Discover how government agencies are attempting to regulate cryptocurrency.
4. Understand how to differentiate between a genuine Cryptocurrency Trader and a Scammer.
5. Learn simple ways to track and investigate Cryptocurrency crimes.
6. Learn about new forensic tools for inept Crypto investigations.
7. Learn how Cryptocurrencies are creating a new set of $ Billionaires across the world and its legal!
8. Ask any questions bordering on Bitcoin, Scams MLM, Ponzi schemes, etc and get answers.
9. Why Cryptocurrency is the favored way for criminals to pay for illegal weapons and drugs.
10. Understand why “Criminals should run, not walk, away from bitcoin.”
And lots more…
One of the good features of Bitcoin and most other cryptocurrencies, from law enforcement’s perspective, is that one is able to track all the transactions of a specific Bitcoin address, with records dating back to their first transaction. This enables law enforcement to trace the cash in a way that they could never do before, better than fiats.
Bitcoin is much less anonymous than people think. A Bitcoin address is essentially an account number. If you can connect a person to the address, then you may know all of the transactions that a person made.
There is no reason for any security agency, or regulatory official, to be afraid of this technology. If they understand it, it can be a great asset.
We have entered a new era, so our law enforcement officers must be informed!
These and more insights will be shared at the workshop for The Nigerian Police and Law enforcements so that the misconceptions surrounding the use and trading of these new assets class can give way for a much more blossoming economic prosperity for Nigerian youths and her economy.
No technical knowledge is required for this workshop.
Registration is free and can be done via this link.
