×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Abuja/Johannesburg/Lagos — Nigeria, where bitcoin trading grew the most in Africa last year, has said investing in the crypto-currency is a "gamble" and hinted it may have to be regulated. "Crypto-currency or bitcoin is like a gamble, and there is a need for everybody to be very careful," Central Bank of Nigeria (CBN) governor Godwin Emefiele said in an interview on Wednesday at his office in the capital, Abuja. "We cannot, as a central bank, give support to situations" where people risk savings to gamble." Emefiele is the latest among regulators globally to express concern about bitcoin, one of the most popular crypto-currencies, because of high volatility and a perception that it facilitates crime. In January 2017, the central bank released a circular to lenders asking them not to use, hold, or trade virtual currencies pending "substantive regulation and or decision by the CBN". Still, demand for the digital currency is surging in West Africa’s biggest economy, with peer-to-peer t...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.