Nigeria bans algorithmic stablecoins and sets reserve requirements for issuers

Nigeria has introduced new crypto licensing rules, banning algorithmic stablecoinsСтейблкоинA stablecoin is a crypto asset whose price is pegged to a fiat currency (most often the US dollar) and maintained by reserves or an algorithm. and setting reserve requirements for their issuers. The changes, reported by Cointelegraph, expand the central bank's oversight of services linked to crypto payments.

The full text of the publication was not available in the materials reviewed, so the effective dates of the rules, the list of companies subject to licensing and the details of the reserve requirements are not disclosed in this report. It is only known that the regulator is tightening control over stablecoin issuers and crypto payment providers.