Stablecoin

Bank AI

<ul>
 <li>cNGN token is linked to and supported by the Nigerian naira, the official currency.</li>
 <li>This new stablecoin is built on public blockchains as per sources.</li>
</ul>
Investors and the Nigerian economy stand to benefit from the new stablecoin, the cNGN, which is being developed and managed by a consortium of Nigerian institutions. Anonymous insiders within the project have confirmed that the cNGN token is linked to and supported by the Nigerian naira, the official currency of the nation.
Interoperability with many public <a href="https://thenewscrypto.com/skale-the-worlds-fastest-blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchains</a> allows for easy worldwide transfers and expands its usage globally, similar to popular stablecoins. Access Bank, Sterling Bank, Providus, First Bank, Korapay, Interstellar, Interswitch, Budpay, and Convexity are all partners in the cNGN effort.
<h3 class="wp-block-heading" id="h-strategic-development">Strategic Development</h3>
This new stablecoin, in contrast to the <a href="https://thenewscrypto.com/cbn-ready-to-launch-cbdc-enaira-despite-its-previous-failure/" target="_blank" rel="noopener noreferrer nofollow">eNaira</a> digital currency issued by the central bank, is built on public blockchains such as Tron, Bantu, Polygon, Ethereum, and BNB Smart Chain. Top blockchain and fintech firms are its primary drivers, with major banks serving as its licensed custodians.
To supplement the eNaira, rather than replace it, is the role of the cNGN. The cNGN is managed by a consortium of Nigerian banks, in contrast to the eNaira, which was built by the CBN with more extensive capabilities.
Despite the lengthy procedure needed to provide digital services by the Nigerian Securities and Exchange Commission (<a href="https://sec.gov.ng/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>), the CBN reportedly permitted Nigerian banks mainly because it wants the financial sector to promote and enable blockchain technology.
Moreover, the Central Bank of Nigeria (<a href="https://www.cbn.gov.ng/" target="_blank" rel="noopener noreferrer nofollow">CBN</a>) lifted restrictions on Nigerian banks that were assisting cryptocurrency transactions. This comes almost two years after the CBN outright banned banks from dealing with digital currencies.
Also, in a circular sent to banks on December 22, the CBN admitted that the strict limitations imposed on financial institutions in 2021 are unsustainable due to the increasing demand and use of cryptocurrency throughout the globe.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/turkey-taps-specialist-for-central-banks-crypto-policy-committee/" target="_blank" rel="noopener noreferrer nofollow">Turkey Taps Specialist for Central Bank’s Crypto Policy Committee</a>

Nigerian Banks Embrace New cNGN Stablecoin in Addition to eNaira

Table of Contents

TheNewsCrypto

Other articles published on Dec 23, 2023

Signs of a Bull Run: Bitcoin Faces Potential 2023 Peak

Swych Finance Releases the Next Generation of Decentralized Perpetual Exchanges (23 Dec)

Pullix.io: Gaining Attention in Brazil’s Crypto Space, a Threat to Binance and OKB?

All bets are on spot Bitcoin ETF frenzy in 2024

India, Russia ditch US dollar in $40 billion trade deal

Polkadot price sets a new high for 2023 – Time to alter predictions?

Join our free newsletter for daily crypto updates!