November 27, 2023
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December 29, 2023
The cNGN stablecoin is a newly proposed cryptocurrency designed to be a compliant and regulated Naira stablecoin in Nigeria.
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Unlike previous stablecoin drafts, cNGN will be owned by a consortium of Nigerian banks, making it a collaborative effort within the country's financial institutions.
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cNGN will maintain a 1:1 peg to the Nigerian Naira (NGN), providing stability and reliability in its value.
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The stablecoin is intended to be recognized as legal tender, allowing it to be used for transactions and payments within the Nigerian economy.
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In contrast to previous attempts, cNGN will function as a cryptocurrency, similar to other stablecoins, as opposed to being a Central Bank Digital Currency (CBDC).
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According to Forbes sources, the launch of cNGN is scheduled for 2024, indicating a forthcoming addition to the cryptocurrency landscape in Nigeria.
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Nigeria's cNGN: Consortium-backed, 1:1 peg to NGN, bank-owned, legal tender, launching 2024 amid evolving crypto regulations.