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This paper examines the functioning of virtual currencies as payment systems through crypto-currency exchanges and the likely impact their integration with traditional payment systems may have on the interdependent global payment systems. Being a potential global transformational phenomenon, should virtual payment systems be regulated like other traditional intermediaries to manage the risks from their operations? Which regulator has the requisite regulatory architecture to comprehend the fast-evolving dynamics of the innovative payment solution and better manage the risks? These are some of the questions attempted in this paper. The paper also examines the role played by central banks as the major regulator of payment intermediaries and their limitations on multinational financial institutions and payment activities. Finally, the paper suggests the adoption of international regulatory bodies as the major regulatory authority for the virtual exchanges in ensuring global cooperation and coordinated implementation of any developed action plan while fostering financial innovation
Having examined the various statutes, case laws and the positions in other jurisdictions, are there any restrictions to the rights of an individual to carry out DNA test for personal use in Nigeria? The extant body of Nigerian law on the subject would appear to be silent on this point. However, appears that parties do not need to obtain a court order before conducting a DNA test in so far as the intention behind such test is for private use and not for the court to admit as evidence in a matter before it. Although, it is further noted that the Child Rights Act does not specify that only court ordered DNA tests are admissible in court as evidence.
