Central Bank of Nigeria: Will Work with Relevant Authorities to Develop Regulatory Framework for Stablecoins and ICOs

The Central Bank of Nigeria said it will work with relevant authorities to develop a regulatory framework for stablecoins and ICOs.

The Central Bank of Nigeria said in its "Payment System Vision 2025" report that private stablecoins have evolved to become a successful payment mechanism in the country, hence the need to regulate their operations.

It is report that ICOs if properly regulated could serve as a new approach for startups to crowdfund and raise funds for their projects. Additionally, ICOs would be recognized as an investment instrument, which can boast the country’s foreign direct investment.