The CBN sees potential for adopting ICOs as a new approach to fundraising for capital projects, peer-to-peer lending and crowdfunding.
As one of the world’s pioneers in adopting its own central bank digital currency , Nigeria declares its readiness to accept the existence of private stablecoins as well. The necessity to create a legal framework for stablecoins is marked in the latest central bank strategy paper.from the Central Bank of Nigeria considers the development of a regulatory framework for the potential implementation of a stablecoin.
It highlights the current absence of regulation in the area, causing the investors’ losses. However, the CBN sees potential for adopting ICOs as a new approach to fundraising for capital projects, peer-to-peer lending and crowdfunding. Hence, a regulatory framework is also needed “in the event of adoption of an ICO-based investment solution.”However, the stablecoins and ICOs segment of the report is ways smaller than the one dedicated to Nigerian CBDC, eNaira.
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