Nigeria is intent on developing more solutions that are tied to the blockchain, as it looks to enhance its payments ecosystem by 2025.
In a new report, Nigeria Payments System Vision 2025, the Central Bank of Nigeria has dedicated 2 recommendations to blockchains and crypto innovations as it charts a payments future for the populous nation.
According to the report, which succeeds Nigeria Payments System Vision 2020, the use of cash will naturally slow with the mobile-first generation that will be economically active by 2025, hence the bank’s increased cashless policy.
On its 4th recommendation, the vision report states that it will keep track of its ongoing blockchain solutions, such as the e-Naira project, while also keeping an eye on blockchain developments in other countries.
The report says:
“The CBN would keep an active watching brief on blockchain solutions for the Naira while collaborating with relevant stakeholders to identify resources to track and report on potential deployments of blockchain solutions in other countries; engage with other central banks on potential joint ventures to investigate and implement a Central Bank Digital Currency (CBDC) solution.”
– Central Bank of Nigeria
Among the developments Nigeria is looking at includes smart contract technology, noting that it would be monitoring solutions in other countries as it looks to develop a strategy for its adoption in Nigeria.
“A position paper that identifies potential use cases, deployment approaches and timescales would be developed, in collaboration with industry stakeholders.”
The report also says Nigeria would consider the development of a regulatory framework for both stablecoins and ICOs, which is on recommendation 5.
“The CBN would consider the development of a regulatory framework for potential implementation of stablecoins, while continuing its watching brief on Initial Coin Offerings (ICOs) as well as work with Security Exchange Commission (SEC) to jointly develop a regulatory framework in the event of adoption of an ICO-based investment solution.”
CBN is also exploring key use cases for Big Data in the payments system and for economic analysis as part of its vision for the next few years.
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