Nigeria should allow stablecoin innovation but manage risk – IMF
Institution sets out four steps to manage surging adoption of assets
Rapid stablecoin growth is easing longstanding frictions in cross-border transactions in Nigeria, but is testing the limits of the country’s existing monetary and regulatory frameworks, the International Monetary Fund has said.
In a report published on June 16, the IMF explained the popularity of dollar-backed digital assets in Nigeria and set out four priorities for managing the risks they posed.
According to the IMF, Nigeria received around $59 billion in crypto asset inflows between July 2023
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