New document of the Nigerian Central Bank discusses the regulation of stable coins and ICOS -
New document of the Nigerian Central Bank discusses the regulation of stable coins and ICOS -
According to a recently presented document, the Nigerian central bank will be open in the future to develop a regulatory framework for possible implementations of stable coins. The document also discusses the regulation of the initial coin offers (ICOS) and how they can "become a new way to attract foreign direct investments (FDI) and to procure capital".
"A successful payment mechanism"
In its recently presented document on the payment system, the central bank of Nigeria (CBN) said that the bank was open to the development of a regulatory framework for [the] possible implementations of the stablecoin. " The document claims that such StableCoin implementations are probably "probably a successful payment mechanism", so there is "the need to develop a regulatory framework for such an implementation".
In addition to the mention of stablecoin implementations, the Nigeria Payments System Vision 2025 des cbn document also discusses the creation of a framework in order to regulate coin offers (ICOS). The document recognizes the key role that ICOS can play, however, states that regulation is necessary if investors are to be resuscitated in this form of fundraising.
"In view of the lack of regulation, there is little interest in taking over the current round of ICOS. In view of the role of ICOS as an investment class, however, there is the potential to take over the technology of ICOS as a new approach for the creation of funds for capital projects (on the wholesale market) or peer-to-peer credit or crowdfunding (for the retail market)" Document.
The document adds that ICOS, as soon as a properly implemented and supported regulatory framework is available, could "become a new way to attract foreign direct investment (FDI) and to procure capital".
initial regulate coin offers
While the CBN advised against it in the past, or Financial institutes, relapsing transactions, transactions To enable cryptocurrencies, the latest document of the payment system indicates that the keeping of the central bank has developed over privately issued digital currencies.
After the CBN had instructed the banks in February 2021 to post the expansion of services to crypto companies, some Nigerian commentators accuse the central bank of torning the powers of the Nigerian stock exchange supervisory authority (NSEC). According to the document, which provides for a cashless economy by 2025, CBN and NSEC will jointly regulate the digital currency area.
"[The] CBN would play a role in the payment aspect, but the SEC would have to create a regulatory framework, since the tokens would be a new investment class," says the document.
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