Nigerian Stablecoin Launch Delayed
The Africa Stablecoin Consortium (ASC), composed of Nigerian fintech startups and banks, has decided to postpone the launch of its stablecoin, which was initially scheduled for late February. Instead, the consortium plans to work with the central bank and participate in its regulatory sandbox program before proceeding.
A Change in Plans
Just a few days ago, the ASC announced that the cNGN stablecoin would be launched on February 27, claiming that it had received approval from the Central Bank of Nigeria (CBN). However, in their latest statement, the consortium implies that the project has not yet been approved by the central bank.
Approval From the Central Bank
In its recent statement, the ASC clarified that the stablecoin launch will not take place on the previously announced date. Instead, they are engaging with regulatory bodies, particularly the Central Bank of Nigeria, to participate in the regulatory sandbox program. The consortium is committed to following regulations and guidelines, and will only launch the stablecoin after obtaining the necessary approval.
Commitment to Transparency
The Africa Stablecoin Consortium remains dedicated to providing accurate and transparent information to its stakeholders.
Hot Take: Delays in Nigerian Stablecoin Launch Highlight Regulatory Priorities
The decision by the Nigeria Stablecoin Consortium to postpone the launch of its stablecoin highlights the importance of regulatory approval for such initiatives. By engaging with the Central Bank of Nigeria and participating in the regulatory sandbox program, the consortium is demonstrating its commitment to compliance and ensuring a smooth launch. This delay shows that regulatory bodies play a crucial role in the development and introduction of new digital currencies, prioritizing oversight and consumer protection. As the stablecoin project progresses, it will be interesting to see how regulators in Nigeria navigate this emerging space.
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