FINCOMTECH

","library":"fa-solid"},"toggle":"burger"}" data-widget_type="nav-menu.default"> Central Bank Of Nigeria (CBN) Sets Out New Rules For Cryptocurrency Trading  The Central Bank of Nigeria (CBN) has issued new rules for banks in relation to trading cryptocurrency. This is a sign the country’s regulators are softening their stringent stance on crypto. The  new rules , publicized Tuesday on the CBN’s website, ​​provide greater details on the regulators’ decision to open accounts for cryptocurrency service providers last month.  The rules are an about-face for Africa’s largest economy, where a years-long ban once barred financial institutions from servicing crypto firms. “Current trends globally have shown that there is a need to regulate the activities of virtual assets service providers which include cryptocurrencies and crypto assets,”  the CBN said Tuesday in a statement. See Also:  South Korea Proposes A Ban On Purchas...

The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot cNGN stablecoin in its regulatory sandbox. The new stablecoin is to be launched  The Africa Stablecoin Consortium, a collaboration of Nigerian banks and fintech operators,  said  the cNGN stablecoin complies with the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU).  The group said it is engaging with the regulators to ensure compliance, consumer protection, and transparency. The cNGN serves as a complement, not a substitute, for the eNaira. Unlike the eNaira, which the CBN created with broader capabilities, the Africa Stablecoin Consortium oversees the cNGN. See Also:  Central Bank Of Nigeria (CBN) Sets Out New Rules For Cryptocurrency Trading The cNGN is currently interoperable with strategic blockchains like Bantu and BNB Smart Chain, with plans...