At a 279th assembly of the Financial Coverage Committee in Abuja, Central Financial institution of Nigeria Governor Godwin Emefiele expressed confidence that cryptocurrencies like Bitcoin (BTC) shall be authorized within the nation, Enterprise Insider reported on Wednesday.

Emefiele didn’t straight point out a call to reverse the CBN’s February ban of institutions from buying and selling crypto however famous that the financial institution has been investigating the business:

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“We’re dedicated within the CBN, and I can guarantee everyone that digital foreign money will come to life even in Nigeria […] Beneath cryptocurrency and Bitcoin, Nigeria comes 2nd, whereas on the worldwide aspect of the economic system, Nigeria comes twenty seventh. We’re nonetheless conducting our investigation, and we’ll make our information obtainable.”

Emefiele additionally mentioned the Nigerian authorities will do its finest to stop crypto from getting used to finance illicit actions. “We discovered {that a} substantial proportion of our persons are getting concerned in cryptocurrency, which isn’t the very best. Don’t get me incorrect, some could also be reliable, however most are illegitimate,” he mentioned.

The banker additionally expressed issues over the crypto market crash in mid-Might, which has been largely attributed to Tesla’s determination to droop Bitcoin funds for its vehicles and Elon Musk’s further criticism of BTC:

“We noticed the market collapse. Initially, when Elon Musk tweeted across the time once we mentioned our banking and fee services are not obtainable for cryptocurrency transactions, and he tweeted that he’ll make investments $1.5 billion, and the worth went up. He now tweeted and raised a couple of issues, and the factor plunged.”

The CBN didn’t instantly reply to Cointelegraph’s request for remark.

As beforehand reported, Nigeria has emerged because the biggest source of Bitcoin trading volume in Africa as of August 2020, additionally turning into one of many fastest-growing crypto markets on the earth. In keeping with information from Bitcoin P2P market Paxful, Nigeria ranked second solely to the US in buying and selling quantity as of December 2020.

Amid the rising adoption of Bitcoin, Nigeria’s nationwide foreign money, the naira, has been falling. “Bitcoin has made our foreign money nearly ineffective or worthless,” Senator Sani Musa of the Niger East Senatorial District said in February. Following Emefiele’s newest remarks, the naira dropped 1.2% to close a three-and-half yr low on the black market on Thursday.