https://www.forbes.com/sites/digital-assets/2023/12/27/nigerian-banks-set-to-launch-compliant-naira-stablecoin-in-2024/?sh=2989605c8484
"The New Naira Stablecoin (cNGN)
The newly proposed cNGN will be a compliant and regulated consortium-based Naira stablecoin. The cNGN will be pegged 1:1 with NGN, but unlike previous NGN stablecoin attempts, it will be held by Nigerian banks.
The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN.
Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers."
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Russia is also undergoing mass testing of CBDC, but mass implementation is expected next year. All this will begin to be tested on students, new retirees and government officials.