Nigeria sets new crypto licensing rules, bans algorithmic stablecoins
By Cointelegraph by Helen Partz
Nigeria has banned algorithmic stablecoins and introduced reserve requirements for issuers as it expands central bank oversight of crypto payment services.
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Cryptocurrency
A digital currency secured by cryptography and recorded on a blockchain, without a central bank issuing it.
Crypto prices are volatile, and governments are still deciding how to regulate it.
More about CryptocurrencyCentral bank
The public institution that manages a country's currency, money supply and benchmark interest rate, such as the Federal Reserve or the Reserve Bank of India.
Its decisions on rates and money supply move loan costs, currencies and markets for everyone in the economy.
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