Nairametrics had first reported that Nigerian banks and FinTechs are collaborating to develop and manage the cNGN. Similar to well-known stablecoins like USDT and USDC, the cNGN will be compatible with multiple public blockchains, enabling straightforward international transfers and expanding its use globally.
The consortium disclosed this in a statement issued on Friday. The launch of the cNGN is riding on the back of the Regulatory Sandbox recently released by the Central Bank of Nigeria (CBN).
According to the consortium, the cNGN stablecoin would revolutionize financial transactions. Through the project, the consortium said it is committed to enhancing secure and compliant financial interactions, revolutionizing the way people transact and engage with their money securely and seamlessly.
While noting that the stablecoin will transform the Nigerian Naira into a currency for global settlements, the ASC said:
According to the consortium, the cNGN stablecoin will allow users to explore the World and experience a seamless and cost-effective way to engage with a global marketplace, with the familiarity of your Naira.
cNGN extends your financial reach far beyond Nigeria’s borders and acts as a global bridge, so you can pay for anything, anywhere, and at any time– all with a seamless tap. Shop the World, Pay in Naira without the traditional challenges of currency conversion and hefty international transaction fees.
Giving further insights into the use cases of the cNGN, the consortium said:
Mirroring the functionality of major stablecoins, the cNGN boasts interoperability with other public blockchains. This feature enables seamless global transfers, extending its utility beyond Nigerian borders.
The cNGN is a compliant and regulated consortium-driven stablecoin, pegged to the Naira in the Reserve Bank account. Unlike the eNaira, which is developed solely by the apex bank, the cNGN is managed by a consortium.
Culled from Nairametrics
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