Nigeria’s Central Bank Greenlights cNGN Stablecoin
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 set to launch on February 27, 2024. The ASC, a collaboration of Nigerian banks and fintech operators, aims to ensure compliance, consumer protection, and transparency with regulators.
The cNGN complements the eNaira, the central bank digital currency, and is currently interoperable with strategic blockchains like Bantu and BNB Smart Chain. The ASC is also working to extend compatibility to all major blockchain networks.
(With inputs from Shikha Singh)
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