Nigerian central bank outlines the potential of a blockchain-based CBDC and regulatory considerations for ICOs and stablecoins in the country.
Nigeria’s central bank will explore the adoption of blockchain technology to power a central bank digital currency , the potential of stablecoin adoption and regulatory considerations of initial coin offerings over the next two years.
The document delves into the implications of a blockchain-based CBDC, outlining 11 potential advantages of such an offering. This includes reducing cash cost management, combating counterfeit currency, clear auditability and logistical improvements and payment efficiency. Lastly, the CBN touts improved financial inclusion and economic development as well as spurring innovation and efficiency by boosting competition between existing financial institutions’ retail payments products. A 3-to-5-year time frame is recognized as an achievable time frame to roll out a CBDC solution in Nigeria.
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