Africa Stablecoin Network Advocates for Unified Regulations

The Africa Stablecoin Network (ASN) has called for a unified regulatory framework to unlock the benefits of stablecoins within the Nigerian economy. In a statement released on Tuesday, ASN expressed support for Central Bank of Nigeria (CBN) Governor Olayemi Cardoso's position on the need to modernize cross-border payments.

ASN President Nathaniel Luz emphasized that stablecoins could play a crucial role in achieving faster, cheaper, and more inclusive payment systems. The network highlighted that current cross-border transactions take between two to five days and incur costs of 5-7% through traditional channels, while stablecoin infrastructure could reduce these costs below 1%.

The ASN acknowledged the risks associated with currency substitution and foreign exchange volatility, urging the CBN to design a proper regulatory framework. The initiative aligns with the CBN's Payment System Vision 2025 and aims to empower the Securities and Exchange Commission (SEC) to regulate digital assets, ensuring market integrity and investor protection.