January 09, (THEWILL) – The Africa Stablecoin Consortium (ASC) has announced the postponement of the launch of its compliant Nigeria Naira (cNGN).
The Consortium, consisting of Pan-African banks, fintechs, and blockchain businesses, had earlier scheduled the launch of the cNGN stablecoin for February 27, 2024.
But in a statement on Monday, ASC said, “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 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.
According to the statement, the cNGN token is pegged 1:1 to the Nigerian naira, the country’s fiat currency, and is backed by Naira reserves held in designated commercial banks.
The stablecoin aims to bridge the gap between the naira and digital currencies in the global market through blockchain technology.
It aims to help Nigerians abroad send money to their families in Nigeria without waiting for remittances to go through. It also aims to eliminate the expensive fees associated with traditional international transactions.
