Home News CBN May Legalise Use of Bitcoin for Transactions, Says NDIC
CBN May Legalise Use of Bitcoin for Transactions, Says NDIC
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CBN May Legalise Use of Bitcoin for Transactions, Says NDIC

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The Managing Director of the Nigeria Deposit Insurance Commission (NDIC), Alhaji Umaru Ibrahim, at the weekend disclosed that the commission and the Central Bank of Nigeria (CBN) have set up a committee to look into the possibility of legalising the use of the digital currency, the Bitcoin, for transactions.

According to Bitcoin.org, Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. The website says Bitcoin is an open-source, its design is public, nobody owns or controls Bitcoin and everyone can take part.

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