The Africa Stablecoin Consortium said the cNGN stablecoin complies with the regulatory requirements and standards of the Central Bank of Nigeria and the Nigerian SEC.
The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin in its regulatory sandbox. The new stablecoin is to be launched on Feb. 27, 2024.
In a blog post, the ASC — a collaboration of Nigerian banks and fintech operators — said the cNGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission and the Nigerian Financial Intelligence Unit. The group said it is engaging with the regulators to ensure compliance, consumer protection and transparency.
The cNGN serves as a complement, not a substitute, for the eNaira, which is the central bank digital currency (CBDC) issued by the CBN. Unlike the eNaira, which the CBN created with broader capabilities, the ASC oversees the cNGN. The stablecoin is currently interoperable with strategic blockchains like Bantu and BNB Smart Chain, with plans to extend compatibility to all major blockchain networks soon.
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Source: https://cointelegraph.com/news/nigeria-cbn-greenlights-stablecoin-launch-february