IMF warns that the rapid penetration of stablecoins in Nigeria could weaken the transmission of domestic monetary policy
ChainCatcher news, according to The Block, the International Monetary Fund (IMF) stated that the widespread adoption of dollar-pegged stablecoins in Nigeria is posing challenges to the country’s existing monetary policy and regulatory framework.
The IMF pointed out that the devaluation of the naira, high inflation, and restrictions on official foreign exchange access are driving local households and small and medium-sized enterprises to turn to stablecoins for cross-border payments and hedging exchange rate risks.
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