Nigeria’s Central Bank wants to monitor your stablecoin transactions. Can the plan actually work?

In its Payments System Vision 2028 (PSV 2028), unveiled on June 1, the Central Bank of Nigeria (CBN) said it intends to run observer nodes on blockchain networks that operate approved stablecoins, enabling the regulator to see stablecoin transactions in real time. 

A blockchain network is a shared ledger: instead of one company keeping the only copy of transaction records, many computers…