Discussion at Mariblock: Could locally-issued digital currencies take the crypto world by storm?

In recent times, the naira-backed compliant stablecoin (cNGN) has been gaining traction in Nigeria, marking a significant development in the country's financial landscape. This growth is set to be a key topic at the upcoming Mariblock Onchain Conference, an event aiming to address questions about regulation, adoption, and economic impact of local stablecoins.

Charles Okaformbah, the technical lead for cNGN, addressed criticism surrounding the need for naira-denominated stablecoins. He argues that direct naira-to-crypto conversion offers significant cost advantages over existing pathways, but navigating compliance for local stablecoin projects presents ongoing challenges.

The conference will feature discussions with representatives from traditional investment platform Risevest alongside cNGN's technical team. The event provides a critical platform for examining whether local stablecoins can democratize financial access or replicate existing inequalities.

The Mariblock Onchain Conference 2025 aims to expand the dialogue on local stablecoins to include voices from across Africa and beyond. This comes as Nigeria and South Africa are likely to initiate local stablecoins in the coming months, with Nigeria's cNGN and South Africa's regulated opening as potential models.

Okaformbah predicts that other African nations, including Kenya and Tanzania, may soon launch similar local stablecoin initiatives. The cNGN team has been in ongoing discussions with Nigeria's Central Bank and Securities and Exchange Commission.

Stablecoins, a digital asset class, have grown rapidly and are now powering global payments, wealth preservation, and instant cross-border transfers. U.S. dollar-backed stablecoins account for 99% of the market, but early interest in blockchain-based financial infrastructure built around local currencies signals broader institutional appetite for such projects.

The cNGN project plans to expand beyond basic currency functionality into tokenized asset management and money market fund platforms. This ambition is reflected in the success of other stablecoins, such as Circle's euro-pegged EURC, which has crossed a $230 million market cap.

The Mariblock Onchain Conference 2025 is scheduled for November 5-6, 2025. The discussions require input from diverse stakeholders across traditional finance, technology, and policy-making, underscoring the importance of these events in shaping the future of finance in emerging markets. The regulatory landscape, Okaformbah described, requires constant coordination with regulators.

Discussion at Mariblock: Could locally-issued digital currencies take the crypto world by storm?