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A consortium of Nigerian banks, fintechs and blockchain companies is developing the first regulated Naira stablecoin , cNGN. The new stablecoin cNGN will be a consortium-based compliant and regulated Naira stablecoin. cNGN will be pegged 1:1 to NGN, but unlike previous stablecoin drafts, it will be owned by Nigerian banks and will be legal tender. According to Forbes sources, the launch is planned for 2024. Unlike previous versions, cNGN will be a cryptocurrency — like other stablecoin s — and not a CBDC. Also, the coin will be serviced by the consortium and owned by its banks. “Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers.” Forbes You might also like: Nigerian central bank lifts ban on crypto transactions It is noteworthy that just a day ago, transactions with cryptocurrencies were allowed in Nigeria. Previous ...

SIBAN president Obinna Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate the infusion of blockchain technology into diverse sectors of the economy. A stakeholder in the blockchain and fintech ecosystem has called on the Federal Government of Nigeria to implement regulations that will foster the widespread integration of the approved blockchain policy in the country. The National Blockchain Policy offers economic growth, job creation, and financial inclusion potential.  The President of the Stakeholders in Blockchain Association of Nigeria (SIBAN), Obinna Iwuno, recently stated this during an interview at the National Information Technology Development Agency and Stakeholders in Blockchain Technology Association of Nigeria Stakeholders’ Policy Dialogue held in Lagos. Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate the infusion of blockchain technology into diverse sectors of the eco...