According to a recent report from Punch, the Africa Stablecoin Consortium has postponed the launch of its cNGN stablecoin, earlier scheduled for February 27, 2024.
The consortium is awaiting regulatory approval, as stated in its press release on Monday.
The consortium, comprising Pan-African banks, fintechs, and blockchain companies, acknowledged the need for regulatory compliance.
It is currently engaging with bodies like the Central Bank of Nigeria to participate in its regulatory sandbox program to demonstrate the benefits of the cNGN ecosystem.
The consortium assured that it will announce the official launch date after receiving approvals from all regulatory bodies, partners, and stakeholders.
Unlike the eNaira, the cNGN stablecoin pegged to the naira will be managed by the consortium, not solely the apex bank. It aims to enable seamless international transfers and expand its use globally.
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