The Africa Stablecoin Consortium has announced the delay of the launch of its anticipated cNGN stablecoin, initially slated for February 27, 2024.
The consortium, consisting of Pan-African banks, fintech firms, and blockchain entities, attributed the delay to the ongoing pursuit of regulatory clearance.
In a statement released on Monday, the consortium clarified earlier confusion regarding the launch date while emphasizing their commitment to engaging with regulatory bodies.
The Central Bank of Nigeria holds significance among these bodies as they aim to participate in the regulatory sandbox program.
The primary goal behind cNGN is to establish a secure, transparent, and innovative solution for digital asset transactions in Nigeria.
The consortium intends to demonstrate the advantages of cNGN, which, like USDT and USDC, will function across multiple public blockchains, facilitating international transfers and global usage.
Distinct from the eNaira, cNGN complies with regulations and is backed by the Naira in the Reserve Bank account.
However, it will be managed by the consortium rather than solely by the apex bank.
The official launch date remains pending until all regulatory bodies, partners, and stakeholders provide guidance and necessary approvals.
