Central Bank of Nigeria Approves cNGN Stablecoin, Italy's AI Regulation Focus, and Celsius Network's Asset Distribution

OMG NEWS OF THE DAY

Central Bank of Nigeria Greenlights cNGN Stablecoin in Regulatory Sandbox

The Central Bank of Nigeria (CBN) has given the green light to the Africa Stablecoin Consortium (ASC) to launch the cNGN stablecoin in its regulatory sandbox. Scheduled for release on Feb. 27, 2024, the cNGN aims to facilitate faster and cheaper international transactions for Nigerians abroad. Unlike the eNaira, the central bank’s digital currency, the cNGN will be overseen by the ASC and is pegged 1:1 to the Nigerian naira.

Read More: eNaira Gets a Tech Boost: Nigerian Central Bank Embraces the Future of Money

Major development in Nigeria's financial sector!

Central Bank of Nigeria (CBN) greenlights Africa Stablecoin Consortium (ASC) to pilot cNGN (compliant Nigerian Naira StableCoin) in the Regulatory Sandbox.

Key pillars of cNGN:
– Reliable global transactions with other… pic.twitter.com/Rx2A4yGvsU

— MSageer DAO 🌐 (@MsageerDAO) January 5, 2024

Italy Prioritizes AI Regulation During G7 Presidency

Italy, in its role as the G7 president, has designated artificial intelligence (AI) as a top priority. Prime Minister Giorgia Meloni expressed concerns about the impact of AI on the labor market and plans to host a special AI-focused session for G7 members before the leaders’ summit in June. Italy, known for previously banning OpenAI’s ChatGPT, continues to address the challenges posed by AI, including potential threats to employment.

I am hugely concerned about the impact (of AI) on the labor market […] Today we are faced with a revolution where [human] intellect is in danger of being replaced.

Italian Prime Minister Giorgia Meloni. Source: CoinTelegraph

Celsius Network to Unstake Ethereum for Asset Distribution

Bankrupt crypto lender Celsius Network has initiated the process of unstaking its Ethereum holdings, totaling over $466 million, to “ensure ample liquidity” for asset distributions to its creditors. The move follows a customer repayment plan approval, returning between 67% and 85% of creditors’ investments. The former CEO, Alex Mashinsky, faces charges including securities fraud, and the trial is scheduled for September 17, 2024.

Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process

— Celsius (@CelsiusNetwork) January 4, 2024

Perplexity AI Raises $74 Million for Its Answer Engine

Perplexity AI, led by CEO Aravind Srinivas, distinguishes itself from the chatbot trend by positioning as an “answer engine.” The platform, designed to provide comprehensive and factually grounded responses, secured $74 million in Series B funding. Srinivas aims to improve the AI’s understanding, making follow-up questions less necessary. Despite concerns about AI disruption, Srinivas expresses optimism, emphasizing Perplexity’s goal to be a reliable and non-judgmental source of accurate information.

We are happy to announce that we've raised $73.6 million in Series B funding led by IVP with participation from NVIDIA, NEA, Bessemer, Elad Gil, Jeff Bezos, Nat Friedman, Databricks, Tobi Lutke, Guillermo Rauch, Naval Ravikant, Balaji Srinivasan. pic.twitter.com/7ROQz347L3

— Perplexity (@perplexity_ai) January 4, 2024

TWEETS OF THE DAY

More marketing! https://t.co/U4qogEAdEa

— James Seyffart (@JSeyff) January 5, 2024

Good morning 😉📈 https://t.co/hDuDBkXN9D pic.twitter.com/WHXvbWTnPp

— Orlando (@thisisorlando) January 5, 2024

For everyone asking about today:
Today we're looking for 19b-4 amendment filings that'll include changes that SEC and issuers have been discussing for weeks. Namely cash create/redeem. (honestly I expected these by now)

Still expecting potential approval orders next week. https://t.co/ywdf34Y8VI

— James Seyffart (@JSeyff) January 5, 2024

🚨 BREAKING 🚨

🇺🇸 US UNEMPLOYMENT RATE DATA CAME AT 3.6%

THE EXPECTATIONS WAS OF 3.8%

THERE IS NO RECESSION, PUMP THE MARKET 🚀🚀

— Elja (@Eljaboom) January 5, 2024

🚨NEW re $BTC spot ETFs: Expecting some amended 19b-4 filings today as well as some eleventh hour phone calls concerning comments on S-1s and possible launch dates. The timeline for approvals still looking like next week but will all depend on how fast the @SECGov can read…

— Eleanor Terrett (@EleanorTerrett) January 5, 2024

Crypto wallet-maker Ledger says it will cover the roughly $600,000 worth of assets lost by victims after a high-profile hack https://t.co/vp6xzk1UGc

— Bloomberg Crypto (@crypto) January 5, 2024

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