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This week El Salvador, which became the first country to use bitcoin as legal tender in 2021, reportedly passed legislation providing the framework for a bitcoin-backed bond called “Bono Volcán” that reportedly , will be used to pay the sovereign debt. , create bitcoin mining infrastructure, and finance construction of a proposed “Bitcoin City,” a renewable crypto-mining hub powered by hydrothermal energy from the nearby Conchugua volcano. The bonds are intended to raise $1 billion for the country, with half going toward building the special economic zone. The bill also includes a legal framework for digital assets other than bitcoin and creates a new regulatory agency that will be in charge of enforcing securities laws and providing protection against bad actors.
The “Nigeria Payments System Vision 2025” report was recently released by the Central Bank of Nigeria (CBN). In it, CBN states Nigeria’s readiness to accept private stablecoins, says stablecoins are likely to become a successful payment mechanism in the country, and considers developing a regulatory framework for stablecoin usage. The report also addresses the regulation of initial coin offerings (ICOs), and while acknowledging the current absence of ICO regulation and related investor losses, it notes the potential for responsible ICO fundraising, lending among peers and crowdfunding.
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