The Nigerian compliant stablecoin cNGN will be launched on February 27th
The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a pilot of the cNGN stablecoin in its regulatory sandbox, with the launch scheduled for February 27, 2024. Comprising several Nigerian banks and fintech operators, ASC states that the cNGN stablecoin complies with regulatory requirements and standards set by CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. ASC is working with regulatory authorities to ensure compliance, consumer protection measures, and transparency. It is reported that the cNGN stablecoin is intended as a complementary product to the Central Bank of Nigeria's digital currency eNaira rather than a substitute. ASC will be responsible for overseeing cNGN.
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