As digital and other digital currency﻿ become increasingly popular in Africa , and as ﻿many Nigerians have ﻿started using digital currencies ﻿for day - to - day transactions , the Central Bank of Nigeria has indicated its intention to regulate B﻿itcoin use in the country . The blockchain is a public database of transactions that can be modified by users. The deputy governor of CBN ’s financial system stability unit , Joseph Nnanna , said that ﻿“regulating virtual currency will protect customers and investors , maintain the stability of the financial system and deter the potential use of B﻿itcoin for money transfers and terrorist financing ” . South Africa is another African 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 digital and other digital currency﻿ become increasingly popular in Africa , and as ﻿many Nigerians have ﻿started using digital currencies ﻿for day - to - day transactions , the Central Bank of Nigeria has indicated its intention to regulate B﻿itcoin use in the country . The deputy governor of CBN ’s financial system stability unit , Joseph Nnanna , said that ﻿“regulating virtual currency will protect customers and investors , maintain the stability of the financial system and deter the potential use of B﻿itcoin for money transfers and terrorist financing ” . South Africa is another African 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.﻿﻿﻿