The Africa Stablecoin Consortium has announced the postponement of the launch of its cNGN stablecoin initially slated for February 27, 2024, as it awaits regulatory approval.
In a statement released on Monday, the consortium, consisting of Pan-African banks, fintechs, and blockchain businesses, clarified the confusion surrounding the earlier media reports about the launch date.
It acknowledged the need for regulatory compliance and stated, “We are currently engaging with regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program.
“We aim to showcase the potential benefits of the cNGN ecosystem, ensuring a secure, transparent, interoperable, and innovative solution for digital asset transactions in Nigeria.”
The consortium assured that it will announce the official launch date of cNGN once it has received further guidance and approvals from all regulatory bodies, partners, and stakeholders.
The PUNCH reports that the cNGN, similar to well-known stablecoins like USDT and USDC, will be compatible with multiple public blockchains, enabling straightforward international transfers and expanding its use globally.
The cNGN is a compliant and regulated consortium-driven stablecoin, pegged to the Naira in the Reserve Bank account. Unlike eNaira, cNGN is managed by a consortium, not solely by the apex bank.
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