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Nigerians have again showed interest in in crypto currencies such as Swisscoin, OneCoin, Bitcoin and other virtual/digital currencies despite warnings from the Security and Exchange Commission, SEC, Central Bank of Nigeria, CBN and other regulatory agencies against investing.
Investigations revealed that despite the stiff warnings, Bitcoin exchange volumes in Nigeria over the past 45 days is pegged at $1.3 million.
With this development, the continent may soon turn African nations into leading adopters of cryptocurrency and blockchain technology.
The African continent is a hotbed of cryptocurrency innovation. Many crypto-platforms are actively operating in the region, bringing financial inclusion to the masses. However, the South African Reserve Bank believes that the challenge lies in balancing the advantages offered by blockchain technology with the potential risks it poses.
South Africa is going ahead with its planned digital currency. The country will join the ranks of Tunisia and the West African Economic and Monetary Union.
Tunisia already has eDinar in place, currently undergoing the process of migration on to blockchain.
The Western African Economic and Monetary Union nations are expected to have a digital version of West African franc sometime next year.