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