The recently released strategy paper from the Central Bank of Nigeria marked the requirement to produce a legal framework for stablecoins.
As one of the world’s pioneers in espousing its own central bank digital currency, Nigeria also shows its inclination to accept the existence of private stablecoins. The indispensability to create a legal framework for stablecoins is noted in the latest central bank strategy paper.
Published under the title “Nigeria Payments System Vision 2025”, the eighty three-page report from the Central Bank of Nigeria considers the development of a regulatory framework for the likely usage of stablecoins. The document outlines the requirement to develop a framework, given that stablecoins are anticipated to become a successful payment mechanism across the nation.
Nonetheless, the stablecoins and Initial Coin Offerings segment of the report is far smaller than the one dedicated to the eNaira, the central bank digital currency of Nigeria. The Central Bank considers it a potential “enabler for transformation” in the national economy. It aspires to achieve a final implementation of the currency in the upcoming three to five years.
Last year, in the month of December, Nigeria decreased the amount of cash individuals and businesses can withdraw to two hundred and twenty five dollars and one thousand one hundred and twenty five dollars per week, respectively, in an attempt to push its “cashless Nigeria” policy and boost the use of the eNaira.
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