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According to reports, this week El Salvador, which will be the first country to use bitcoin as legal tender in 2021, passed a law that provides the framework for a bitcoin-backed bond called the “Volcano Bond” that will be used to pay off the country’s debt. , created a bitcoin mining infrastructure, and financed the construction of the proposed “Bitcoin City,” a renewable crypto mining center powered by hydrothermal energy from the nearby Conchugua volcano. The bond is targeted to raise $1 billion for the country, with half of it going to build a special economic zone. The bill also includes a legal framework for non-bitcoin digital assets and creates a new regulatory agency that will be responsible for enforcing 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 announced Nigeria’s readiness to accept private stablecoins, saying that stablecoins could be a successful payment mechanism in the country, and considered the development of a regulatory framework for the use of stablecoins. The report also addresses the regulation of initial coin offerings (ICOs) and, while acknowledging the current lack of ICO regulation and associated investor losses, notes the potential for responsible ICO fundraising, peer-to-peer lending and crowdfunding.
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