cNGN Delays Launch Pending Regulatory Approval

The Africa Stablecoin Consortium has officially postponed the launch of its cNGN stablecoin, originally scheduled for February 27, 2024.

The consortium, comprising Pan-African banks, fintechs, and blockchain businesses, addressed earlier media reports’ confusion surrounding the launch date. In a statement released on Monday, the consortium emphasized its commitment to regulatory compliance and revealed ongoing engagements with regulatory bodies, including the Central Bank of Nigeria, to participate in the regulatory sandbox program.

Acknowledging the importance of adhering to regulatory standards, the consortium stated, “We aim to showcase the potential benefits of the cNGN ecosystem, ensuring a secure, transparent, interoperable, and innovative solution for digital asset transactions in Nigeria.” The decision to delay the launch reflects a strategic approach to navigate regulatory processes and align with the regulatory framework of the Central Bank of Nigeria.

The consortium assured stakeholders and the public that it will communicate the official launch date of cNGN once it receives the necessary guidance and approvals from all regulatory bodies, partners, and stakeholders.

Source: PUNCH