IMF recommends Nigeria license global cryptocurrency exchanges

Golden Finance reported that the International Monetary Fund (IMF) recommended that Nigeria issue licenses to global cryptocurrency exchanges as part of its economic reform measures. According to a recent IMF report, efforts to incorporate cryptocurrencies into its financial system are aimed at ensuring Nigeria's position in the African cryptocurrency market. The report recommends that "global cryptocurrency trading platforms should be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries." The report also pointed out the differences in Nigeria's balance of payments (BOP), especially the net errors and omissions (NEO) that reflect unrecorded financial transactions. These differences can be attributed to several factors, including "the shift to cross-border transactions using crypto assets", which are often unable to be recorded by traditional bank records.