Nigeria to develop cNGN Stablecoin in 2024 – Report

Celebrity Gig



Nigeria to develop cNGN Stablecoin in 2024 – Report

The new stablecoin cNGN is being developed by a consortium of Nigerian banks, fintechs, and blockchain businesses and will be consistent with the regulations set by the stakeholders and controlled Naira stablecoin.

The Nigerian Naira would be pegged 1:1 to cNGN, but unlike previous stablecoin drafts, it will be owned by Nigerian banks and will be legal money.

READ ALSO:  Australia will impose a 'digital duty of care' on tech companies to reduce online harm

According to Forbes, the debut is scheduled for 2024.

cNGN, however, will be a cryptocurrency, like other stablecoins, rather than a digital money, as in prior versions.

This comes after the Central Bank of Nigeria lifted the prohibition on cryptocurrency transactions last week.

The coin will be serviced by the consortium and owned by its banks.

READ ALSO:  ‘Nigeria still Jaga Jaga 21 years after’ – Eedris Abdulkareem

In February 2021, the central bank, led by Mr Godwin Emefiele, forbade credit institutions from doing cryptocurrency-related activities. Many bitcoin firms were affected, forcing them to revise their product offers.

The lifting of the restriction stems from the realization that cryptocurrencies play a significant role in global financial systems, and its use in Nigeria, which is one of the currency’s fastest users, is unavoidable. READ MORE

READ ALSO:  Salesforce (CRM) Q3 earnings report 2024

Categories

Share This Article
Leave a comment