Africa Stablecoin Consortium Clears Air on cNGN Launch Date
The Africa Stablecoin Consortium has cleared the air following reports that the Central Bank of Nigeria (CBN) has approved the launch of the Nigerian naira (cNGN) on February 27, 2024.
Comprised of Pan-African Banks, Fintechs, and Blockchain Businesses responsible for the development of a stablecoin pegged to the Naira, the consortium mentioned in a statement that the initiative will not be publicly launched on the said date.
The financial institution clarified that it is working with appropriate regulatory bodies, including the CBN to participate in crafting framework to test the innovation before lunching.
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“Instead, we are engaging with the appropriate regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program. Our goal is to showcase the potential benefits of the cNGN ecosystem, providing a secure, transparent, interoperable, and innovative solution for digital asset transactions in Nigeria.
“The Africa Stablecoin Consortium is fully committed to adhering to all regulations and guidelines set forth by the authorities. We will not proceed with the public launch of cNGN until we have obtained all the necessary approvals and guidance.
“We will announce the official launch date of cNGN once we have received further guidance and approvals from all regulatory bodies, partners, and stakeholders,” the statement reads in part.
The Organisation remains “excited about the future prospects of cNGN and committed to the principles of responsible innovation” while also acknowledging public support.