Skip to content
Subscriber Only

Central Bank in Africa's Top Bitcoin Market Warns of ‘Gamble’

  • Nigeria’s reserve bank studying market to plan response
  • Regulator already asked lenders not to trade cryptocurrencies
Russia's CryptoSpace Blockchain And Cryptocurrencies Conference
Photographer: Andrey Rudakov/Bloomberg
Updated on

The central-bank governor of Nigeria, where bitcoin trading grew the most in Africa last year, said investing in the cryptocurrency is a “gamble” and hinted it may have to be regulated.

“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful,” Central Bank of Nigeria 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,” he said.