17 January 2023

Governments Of El Salvador And Nigeria Take Steps Toward Crypto Adoption



BakerHostetler logo
Recognized as one of the top firms for client service, BakerHostetler is a leading national law firm that helps clients around the world address their most complex and critical business and regulatory issues. With five core national practice groups — Business, Labor and Employment, Intellectual Property, Litigation, and Tax — the firm has more than 970 lawyers located in 14 offices coast to coast. BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, an award-winning data privacy practice and an industry-leading business practice. The firm is also recognized internationally for its groundbreaking work recovering more than $13 billion in the Madoff Recovery Initiative, representing the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. Visit
The "Nigeria Payments System Vision 2025" report was recently published by the Central Bank of Nigeria ..
United States Technology
To print this article, all you need is to be registered or login on

According to reports, this week El Salvador, which became the first country to use bitcoin as legal tender in 2021, passed legislation providing the framework for a bitcoin-backed bond called the "Volcano Bond" that reportedly will be used to pay down sovereign debt, create bitcoin mining infrastructure, and fund the construction of a proposed "Bitcoin City," a renewable crypto-mining hub powered by hydrothermal energy from the nearby Conchugua volcano. The bonds have been targeted to raise $1 billion for the country, with half of it going into building the special economic zone. The bill also includes a legal framework for non-bitcoin digital assets and creates a new regulatory agency that will be in charge of applying securities laws and providing protection from bad actors.

The "Nigeria Payments System Vision 2025" report was recently published by the Central Bank of Nigeria (CBN). In it, the CBN declares Nigeria's readiness to accept private stablecoins, says that stablecoins are likely to become a successful payment mechanism in the country, and considers the development of a regulatory framework for stablecoin use. The report also addresses the regulation of initial coin offerings (ICOs) and, while acknowledging the current absence of ICO regulation and related investor losses, notes the potential for responsible ICO fundraising, peer-to-peer lending and crowdfunding.

For more information, please refer to the following links:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More