IMF says regulate stablecoins but can Nigeria do it without killing the hustle?

I just read this piece by Shuaib S Agaka and the IMF is now asking Nigeria to regulate stablecoins and crypto assets. But here is the thing — 80% of Nigerian crypto users already hold stablecoins and 95% prefer getting paid in them instead of naira. The IMF is worried about monetary policy and currency substitution but millions of us are just trying to survive inflation and FX scarcity.

My own freelancer friends receive salaries in USDT because the naira keeps losing value. The article says Nigeria recorded $95.5 billion in crypto transaction volume between 2020 and 2026. That is not gambling. That is people finding a way to keep their money safe from depreciation. If the government comes with heavy regulation that blocks access they will kill the very thing keeping many small businesses afloat.

I get that they need oversight for money laundering and all but the question is how do you regulate without strangling the innovation that made Nigeria one of Africa's top digital economies. Be honest. If you earn in naira and see your savings lose value every month would you not move some to stablecoins too?