Stablecoin

Bank AI

Bantu

mirror

The Central Bank of Nigeria (CBN) is preparing to launch its naira stablecoin, cNGN, on February 27, 2024, in a significant step toward embracing blockchain technology.  
This ground-breaking initiative is part of a pilot program within the CBN's regulatory sandbox, and it represents a significant step forward in improving global transactions.  
The Africa Stablecoin Consortium, comprised of <a href="https://optimisus.com/news/blockchain-news/nigeria-takes-a-step-towards-a-blockchain-powered-economy-with-new-national-policy/" rel="noopener noreferrer nofollow">Nigerian banks</a> and fintech firms, was instrumental in obtaining approval for the cNGN stablecoin.  
Working closely with regulatory authorities, their collaborative efforts are focused on ensuring the stablecoin's stability, transparency, and compliance.  
Unlike the CBN-initiated eNaira digital currency, the cNGN is managed by the Africa Stablecoin Consortium. It supports various blockchains, including Bantu and BNB Smart Chain, and plans to support additional blockchains shortly.  
The cNGN is a stablecoin that is designed to mirror the value of the Nigerian naira and is backed by bank reserves.  
One of its primary goals is to facilitate seamless connections between <a href="https://optimisus.com/market/market-news/nigeria-considers-allowing-asset-backed-tokens-but-crypto-still-faces-restrictions-bloomberg/" rel="noopener noreferrer nofollow">Nigerian currency</a> and digital currencies around the world, potentially simplifying Naira transactions for Nigerians living abroad.  
In contrast to the eNaira, the cNGN, which is based on public blockchains, provides greater flexibility. This adaptability translates into easier global money transfers, addressing the changing needs of today's financial landscape.  
The Nigerian Central Bank's action indicates a significant shift toward the acceptance of blockchain and crypto technologies.  
The decision in December to lift the ban on Nigerian banks dealing with crypto demonstrates the government's recognition of the growing global interest in these digital assets.  
The introduction of the cNGN is a step toward embracing innovation and connectivity in the realm of digital finance. 
The post <a href="https://optimisus.com/news/fintech-news/nigerias-cbn-to-launch-cngn-stablecoin-on-february-27/" rel="noopener noreferrer nofollow">Nigeria’s CBN to launch cNGN stablecoin on February 27</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Nigeria’s CBN to launch cNGN stablecoin on February 27

Optimisus

Other articles published on Jan 8, 2024

SEC Chairman Jay Clayton Says Bitcoin ETF Approval Is Inevitable

Helen of Troy Ltd. Reports $2.75 EPS, Exceeding Expectations in Q3

Chamath Palihapitiya Foresees Mainstream Adoption of Bitcoin by 2024

Crypto Market Recap 2023, Pt. 1: Narratives and News

Hedge Funds Continue Betting Against Big US Tech Stocks: Report

CNBC foresees immediate spot Bitcoin ETF trading if approved Wednesday

Join our free newsletter for daily crypto updates!