The Chartered Institute of Bankers of Nigeria has revealed that Nigeria’s use of Bitcoin continues to rise regardless of question marks over its legality.
This was made known in the Institute’s December 2019 release of “The Nigerian Banker”.
An excerpt from its Digital currencies report read, “The CBN has also declared that digital currencies are not legal tender with naira as the sole legal tender.
“There are concerns on the use of other digital currency which is currently changing the global paying ecosystem.
“It was stated that in 2018, 41 percent of New users in bitcoins, a cryptocurrency, hailed from Nigeria, Ghana and South Africa.
CIBN’s publication also contained “Legal Issues in E-commerce” by Senior Partner, Punuka Attorneys and Solicitors, Chief Anthony Idigbe.
He said, “The CBN has to consider ways of applying it’s regulations to the new consumer behaviours of blockchain and cryptocurrency as there are new infrastructure or payment gateways that allow online/offline merchants to receive other modes of payments from the regular fiat currency such as cryptocurrency.
“To improve recognition of credible e-commerce, the CBN can require payment gateways and merchant aggregators linked to an e-commerce site, to issue its merchants with a visible certification badge.”