As B﻿itcoin and other digital currency﻿ become increasingly popular in Africa , and as ﻿many Nigerians have ﻿started using digital currencies ﻿for day- to- day transactions, CBN has indicated its intention to regulate B﻿itcoin use in the country. The deputy governor of the Reserve Bank of South Africa ’s financial system stability unit, Joseph Nnanna , said that ﻿“regulating virtual currencies will protect customers and investors, maintain the stability of the financial system and deter the potential use of B﻿itcoin for money laundering and terrorist financing”. Those who do use bitcoins tend to do so for quick transactions, to minimize risk from rapid fluctuations in the value of the virtual currency. Bitcoin is another Nigerians country in which Bitcoin use has been growing; the Reserve Bank of South Africa has so far been reluctant to accept the use of the currency, but this report suggests that this may change if the use of the currency continues to grow.﻿﻿﻿
As B﻿itcoin and other digital currency﻿ become increasingly popular in Africa , and as ﻿many Nigerians have ﻿started using digital currencies ﻿for day-to- day transactions, CBN has indicated its intention to regulate B﻿itcoin use in the country. The deputy governor of the Reserve Bank of South Africa ’s financial system stability unit, Joseph Nnanna , said that ﻿“regulating virtual currencies will protect customers and investors, maintain the stability of the financial system and deter the potential use of B﻿itcoin for money laundering and terrorist financing”. Bitcoin is another Nigerians country in which Bitcoin use has been growing; the Reserve Bank of South Africa has so far been reluctant to accept the use of the currency, but this report suggests that this may change if the use of the currency continues to grow.﻿﻿﻿