Nigerian Stablecoin Consortium Seeks Central Bank Approval After Making a U-Turn on Stablecoin Launch

The Nigerian stablecoin consortium has said it volition not beryllium launching a stablecoin successful precocious February arsenic antecedently advised. Instead, the consortium, which is comprised of banks and fintech startups, said it plans to motorboat the stablecoin lone aft it gets the greenish airy from the cardinal bank.

Nigerian Stablecoin Project successful False Start

The Africa Stablecoin Consortium (ASC), a radical of Nigerian fintech startups and banks, said connected Jan. 9 that it volition not proceed with the stablecoin motorboat arsenic antecedently announced. Instead, the consortium volition prosecute the cardinal slope truthful it tin “participate successful its regulatory sandbox program.”

This about-face by the Nigerian consortium comes conscionable a fewer days aft it released a connection successful which it named Feb. 27 arsenic the cNGN stablecoin motorboat date. As reported by respective media outlets, including Bitcoin.com News, the ASC claimed that the Central Bank of Nigeria (CBN) had approved its program to motorboat the stablecoin.

Stablecoin Project Not Approved by Central Bank

The consortium suggested that the naira-backed integer currency would besides “pave the mode for further advancements successful CBDC.” However, successful its latest statement, the ASC implied that the CBN is yet to greenlight the stablecoin project:

“The Africa Stablecoin Consortium wishes to clarify that cNGN volition not beryllium publically launched connected the 27th of February, 2024. Instead, we are engaging with the due regulatory bodies, including the Central Bank of Nigeria, to enactment successful its regulatory sandbox program,” the ASC connection said.

The consortium added that it is committed to adhering to regulations and guidelines and volition truthful lone motorboat the stablecoin aft receiving the indispensable approval. The ASC besides told stakeholders that it remains “dedicated to providing close and transparent information.”

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