A regional and economic union of 15 West African nations has expressed concerns over the use of cryptocurrencies in the region because of crypto's volatility and other risks.
Several cryptocurrency experts and resource personnel were also present at the meeting, according to the report.
ECOWAS also said that cryptocurrencies can be refused as payment without the necessary legal protections normally afforded to government-issued fiat.
Other risks include their volatile and speculative nature as well as susceptibility to theft.
CoinDesk was unable to determine where ECOWAS got its figures. Glassnode data show wallet addresses holding more than one bitcoin have been on the decline since the year began, while those holding less than one were increasing.
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