The Africa Stablecoin Consortium (ASC) has received approval from the Central Bank of Nigeria (CBN) to pilot its cNGN stablecoin within the regulatory sandbox, with the launch scheduled for Feb. 27, 2024.
The ASC, which encompasses a partnership of Nigerian banks and fintech operators, announced that the cNGN stablecoin meets the regulatory standards and requirements as established by the CBN, the Nigerian Securities and Exchange Commission and the Nigerian Financial Intelligence Unit.
The group also emphasized their ongoing engagement with these regulatory bodies to maintain compliance, safeguard consumer interests and uphold transparency in their operations.
The cNGN is designed to augment, rather than replace, the eNaira, the central bank digital currency (CBDC) that the CBN has issued. Unlike the eNaira, which the CBN created with broader capabilities, the ASC oversees the cNGN.
The stablecoin is interoperable with strategic blockchains like Bantu and BNB Smart Chain, with plans to expand its compatibility across major blockchain networks.
