‘We’re engaging regulatory bodies’ — group postpones naira stablecoin launch indefinitely

The Africa Stablecoin Consortium (ASC) says the launch of the naira (cNGN) stablecoin has been postponed indefinitely.

ASC, a consortium of Nigerian financial institutions, fintechs, and blockchain businesses, said the launch is pending when appropriate regulatory authorities give further guidance and approvals.

The cNGN launch was initially slated for February 27, 2024.

Speaking on the sudden change of decision in a statement on Monday, the consortium said there was a need to clarify recent developments regarding the stablecoin project.

The ASC  acknowledged “the confusion that has arisen on the project”, and apologised to the regulators and partners “for any misunderstanding”.

“The Africa Stablecoin Consortium wishes to clarify that cNGN will not be publicly launched on the 27th of February, 2024,” the statement reads.

“Instead, we are engaging with the appropriate regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program.

“Our goal is to showcase the potential benefits of the cNGN ecosystem, providing a secure, transparent, interoperable, and innovative solution for digital asset transactions in Nigeria.

“The Africa Stablecoin Consortium is fully committed to adhering to all regulations and guidelines set forth by the authorities.”

The ASC said the cNGN would be publicly launched on a later date once “we have received further guidance and approvals from all regulatory bodies, partners, and stakeholders”.

“We are excited about the prospects of cNGN and remain committed to the principles of responsible innovation,” the group added.