The impact of global governance on regulating digital currencies: An evaluation in Kano State
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Background of the Study
Global governance structures have increasingly come under scrutiny as digital currencies rise in prominence, challenging traditional financial systems and regulatory frameworks (Anderson, 2023). In Kano State, the rapid adoption of cryptocurrencies has necessitated a closer examination of how global regulatory regimes influence local financial practices. This study investigates the role of international organizations and treaties in setting norms and standards for digital currencies, with a focus on ensuring stability and consumer protection (Bennett, 2024). Digital currencies, by virtue of their decentralized nature, present unique challenges that require coordinated global responses. Regulatory bodies such as the Financial Action Task Force (FATF) have introduced guidelines to curb illicit activities while fostering innovation (Carter, 2023). However, the translation of these global standards into effective local policies remains uneven, often hindered by infrastructural limitations and differing national priorities (Dawson, 2025). By analyzing policy documents, expert interviews, and case studies from Kano State, this research evaluates the extent to which global governance mechanisms impact domestic regulation of digital currencies. The study highlights both the successes and gaps in current regulatory practices and discusses how improved international cooperation can lead to a more robust regulatory framework that balances innovation with security (Ellis, 2024).
Statement of the problem
Despite comprehensive global regulatory efforts, the effective regulation of digital currencies in Kano State remains problematic. The decentralized nature of cryptocurrencies, coupled with rapid technological advancements, often outpaces the ability of existing international legal frameworks to provide adequate oversight (Foster, 2023). Local authorities face significant challenges in adapting global governance norms to the specific socio-economic and infrastructural context of Kano State, resulting in regulatory gaps that may facilitate financial crimes and market instability (Garcia, 2024). Furthermore, divergent interpretations of international standards have led to inconsistent policy implementation, undermining investor confidence and consumer protection. This study addresses the critical question of whether global governance can effectively regulate digital currencies at the local level or if alternative, more tailored approaches are necessary to bridge the existing regulatory void (Hughes, 2025).
Objectives of the Study:
To analyze the role of global governance structures in regulating digital currencies.
To evaluate the impact of these regulations on digital currency practices in Kano State.
To propose recommendations for aligning global standards with local regulatory needs.
Research questions
How do global governance frameworks influence digital currency regulation in Kano State?
What challenges impede the effective implementation of these regulations locally?
What strategies can improve regulatory coherence between global norms and local practices?
Significance of the Study
This study is significant because it critically assesses the intersection of global governance and local regulatory practices in the emerging field of digital currencies. By focusing on Kano State, the research provides valuable insights for policymakers and financial regulators seeking to bridge the gap between international standards and domestic requirements. The findings will inform the development of more effective regulatory frameworks that foster innovation while ensuring financial stability and consumer protection (Bennett, 2024).
Scope and Limitations of the Study:
This study is limited to the examination of global governance mechanisms and their impact on regulating digital currencies in Kano State. It focuses solely on legal and policy frameworks without addressing broader economic or technological aspects.
Definitions of terms
Global governance: International regulatory frameworks and institutions that set standards and norms across nations (Anderson, 2023).
Digital currencies: Cryptocurrencies and other forms of decentralized digital money (Carter, 2023).
Regulatory frameworks: Legal and policy guidelines designed to oversee and manage economic activities (Dawson, 2025).
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