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Reading: New Nigerian Document from Central Bank Focuses on Regulations of Stablecoin and ICOs
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Blockscroll > Altcoin > New Nigerian Document from Central Bank Focuses on Regulations of Stablecoin and ICOs
AltcoinCrypto

New Nigerian Document from Central Bank Focuses on Regulations of Stablecoin and ICOs

Mridul Srivastava
Last updated: 2023/01/10 at 11:15 AM
By Mridul Srivastava 3 weeks ago
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1 Min Read
New Nigerian Document from Central Bank Focuses on Regulations of Stablecoins and ICOs
New Nigerian Document from Central Bank Focuses on Regulations of Stablecoins and ICOs
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  • According to a newly released paper, the Nigerian central bank would be open to building a regulatory framework for prospective stablecoin deployments in the future.
  • According to the paper, such stablecoin implementations are likely to be a successful payment system, hence a legislative framework for such implementation is required.
  • The CBN’s Nigeria Payments System Vision 2025 whitepaper, in addition to addressing stablecoin implementations, also addresses the construction of a framework to govern initial coin offers (ICOs).
  • While the CBN has previously discouraged or prevented financial institutions from assisting crypto transactions, the recent payments system paper implies the central bank’s attitude toward privately produced digital currencies has shifted.

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TAGGED: Crypto regulation, Digital Currency, Nigeria, Stablecoin
Mridul Srivastava January 10, 2023
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Mridul Srivastava
By Mridul Srivastava
Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.
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