CBN, SEC to Develop Joint regulatory framework for ICOs, Stablecoins

The Central Bank of Nigeria recent report has revealed its effort to create a regulatory framework for potential implementations of stablecoins.

The document titled “Nigeria Payment System Vision 2025” includes provisions for regulating initial coin offerings (ICO) and Stable Coins.

The regulation of initial coin offerings (ICOs) and how they can develop into “a new approach to attract foreign direct investment (FDI) and raise capital” were covered in the report, suggesting that the apex bank is moving towards mainstream adoption of cryptocurrencies.

The CBN also said it will engage relevant stakeholders to review and implement remittance solutions using blockchain technology.

Excerpts of the document provide an insight into the apex bank’s take on stable coins and how they can help facilitate cross-border transactions.

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