CBN plans regulatory framework for cryptocurrencies

The Central Bank of Nigeria has said it will bring up a regulatory policy framework for the implementation of cryptocurrencies in the country.

It disclosed this in a report on ‘Nigeria payments system vision 2025’.

The banking regulator had earlier banned crypto-related transactions in the banking system.

“The CBN would consider the development of a regulatory framework for potential implementation of ‘Stablecoins,” CBN disclosed.

The bank added that “It would also continue its watching brief on Initial Coin Offerings as well as work with Security Exchange Commission to jointly develop a regulatory framework in the event of adoption of an ICO-based investment solution.”

According to Investopedia,  Stablecoins are cryptocurrencies whose value is pegged, or tied, to that of another currency, commodity, or financial instrument, providing an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin, which has made crypto investments less suitable for common transactions.

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