The Central Bank of Nigeria (allegedly in the aftermath of the 2020 Endsars protests that witnessed possibly the best example in the world of mass decentralized funding through Cryptocurrencies) formally put a stop to banking support services for Cryptocurrency transactions, citing a lack of legal backing and a centralized form of control/regulation ideal for the perpetration of financial crimes like money-laundering and the financing of terrorism.
At the same time, the Securities and Exchange Commission in 2022 formally passed a set of regulations providing the first administrative framework for the use of digital & virtual assets including cryptocurrencies.
This lack of administrative harmony, coupled with the growing trend of government adaptation and regulations of Blockchain and Cryptocurrencies worldwide, prompted the CBN in its newly issued Nigeria Payments System Vision 2025 to issue a specific number of new recommendations on Blockchain, Cryptocurrencies and Stablecoins which will be the focus of this article.
These recommendations are as follows :-
The CBN already has a regulatory framework on its own issued stablecoin – the E-Naira.
****PLEASE NOTE that this article doesn’t constitute Legal advice or create an automatic Lawyer/Client relationship. Further enquiries can be sent to the contact details below: [email protected] or 07011261897.
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