The Nigerian bank plans to launch a regulated naira stablecoin in 2024

2023-12-28 12:36:15

Collection

ChainCatcher news, according to Forbes, a consortium consisting of Nigerian banks, fintech companies, and blockchain enterprises is developing a naira stablecoin named cNGN, sources revealed that it is planned to launch in 2024.

The newly proposed cNGN will be a regulated, consortium-backed naira stablecoin and will be subject to oversight. cNGN will be pegged to the naira at a 1:1 ratio, but unlike previous naira stablecoin attempts, it will be held by the Central Bank of Nigeria and regarded as legal tender.

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.