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

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.

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.


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