Nigeria central bank greenlights cNGN stablecoin for February launch By Investing.com
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ABUJA – The Central Bank of Nigeria (CBN) has officially approved the cNGN stablecoin for inclusion in its regulatory sandbox, setting the stage for a February launch. The cNGN stablecoin, which is backed by the Nigerian naira reserves, is designed to adhere to the standards established by the CBN, the Securities and Exchange Commission (SEC), and the Nigerian Financial Intelligence Unit (NFIU).
This move comes as Nigeria continues to integrate blockchain technology into its financial system. The cNGN stablecoin, not to be confused with the eNaira, is set to operate across multiple blockchain platforms, including Bantu, BNB Smart Chain, Polygon, , and Tron. The introduction of the cNGN is aimed at enhancing the process of remittances, leveraging the efficiency and affordability of blockchain technology, while also ensuring consumer protection is a top priority.
The approval of the cNGN stablecoin is a significant step following a December banking circular that viewed cryptocurrencies in a positive light. This shift in the financial landscape reflects Nigeria’s high rate of cryptocurrency adoption, which has been driven by the depreciation of the naira and the country’s recognition of the growing global demand for digital currencies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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ABUJA – The Central Bank of Nigeria (CBN) has officially approved the cNGN stablecoin for inclusion in its regulatory sandbox, setting the stage for a February launch. The cNGN stablecoin, which is backed by the Nigerian naira reserves, is designed to adhere to the standards established by the CBN, the Securities and Exchange Commission (SEC), and the Nigerian Financial Intelligence Unit (NFIU).
This move comes as Nigeria continues to integrate blockchain technology into its financial system. The cNGN stablecoin, not to be confused with the eNaira, is set to operate across multiple blockchain platforms, including Bantu, BNB Smart Chain, Polygon, , and Tron. The introduction of the cNGN is aimed at enhancing the process of remittances, leveraging the efficiency and affordability of blockchain technology, while also ensuring consumer protection is a top priority.
The approval of the cNGN stablecoin is a significant step following a December banking circular that viewed cryptocurrencies in a positive light. This shift in the financial landscape reflects Nigeria’s high rate of cryptocurrency adoption, which has been driven by the depreciation of the naira and the country’s recognition of the growing global demand for digital currencies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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