The Central Bank of Nigeria has said it will bring up a regulatory policy framework for the implementation of cryptocurrencies in the country.
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.faulted the apex bank’s consideration for the stable coin as ill-timed, considering the failure of the e-naira. 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.
Recall that CBN had banned cryptocurrency-related transactions in the country while claiming that digital currency was used for money laundering and terrorism. The statement by the Acting Director, Corporate Communications, CBN, Osita Nwanisobi, said the ban on such transactions would not have any negative impact on fintechs.
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