cNGN Unboxed; A spotlight on Nigeria's first regulated Stablecoin

Hey folks, Welcome and good evening. Welcome to another session with me calu Aja on my money space. Of course, on the space, we're talking money, the economy, finance, right, that's what we do here. We make it personal to you, want to make it make you a better investor by giving you all that information so you can have the tools to better direct your money. That's such a what we do here every Sunday, seven pm West African time. This week we're talking stable coins, right, not just stable coins,

Guys.

So now I have a few guys here, guys, the assuming if you can request to be added, or I can make an onionce man should we say a co host, so you can add them all in here, just so I understand their handles. Then that way they can come and speak. So my good friend old man, please request to be if you can put your hand up, I can make you. Let me see I see you here. Perfect. So I've got an MD. I'm gonna add an m D as a speaker, and the other guys can just

Thank you?

I know you are you currently seven as the managing direct job of the entity that sort of issue the c eng And stable going mm hm Nigeria's first regulated stable goings.

Very very happy.

I've taken this initiative to really shed more lights on space and there we have it contribute to anyway.

We can, gotcha. So just to overview got c n GN, is that how to say to dr say cng and how I say it?

Yes, Yes, it's basically engen well.

Like you c a c gotcha. So c eng And is Nigeria's first regulated stable coin, so expect one to one to the naira, you guys. Launches in February of twenty five, just last month ago. Right developed by Warped CBDC Limited in collaboration with fintech patterns such as Convexity, Interstellar, Alpha, gigs techs Now. Unlike the traditional cryptocurrencies, the CNGN maintains stability as fully backed by Nigerian reserves held in licensed

Thanks God? Really everything everything checks out, so or look how stable coin?

Right?

For specifically for I think we can start with web three crypto users and I'm not sure what the crowd.

Here is just speak English like we don't know about crypto.

Okay, that'll say this stable coin in general. Really like Patrick Patrick, the s of Stripe right as in many of us here know, Stripe recently acquired Bridge, right, so Bridge is a stable coined platform, right, so they basically Bridge basically allows you to go from different country stable coins. Right, so you can go from you know Ninegian now stable going to a USD stable coin to Kenny and in stable cooind just really going from still going to stable coin.

Right.

Stable coins are really future of payments because with stable coins you you materially improve the flow of capital.

Right, what does that mean? What does that mean in put the flow of capital?

Yes, basically it basically removes a lot of friction.

So for example, you can I can't if I'm an acquirer.

So if.

You know you have to to financial institions rights, you have an issuer and you have an acquire right. So the issue is basically, think of your bank when you're making payments. Let's say grants the trust bank, right, So you have your bank card as a regular customer of your bank, and then you're making payments to you know,

Important.

So normally, normally I would do NYRA two dollar paper, then do my dollar paper to go online to GT bank and transfer that dot dollar i e. The transfer to the vendor. That's how I would pay. Normally, I'll go NYRA paper dollar paper, then take my dollar back to the bank, put it in bank account, then transfer that dollar electronically to pay that vendor in say in the US, That's what I would do normally, Yes, okay, so how would this change now with with this C engine and what changes?

So mostly mostly for the institutions, it's sort of doing those settlements. So typically when the pments happen, it could take like three to five days. It's for the actual dollars to land. And you know with the with the acquired we machality your pay right, just because they're old processors, the seal financial instations in middle you know, money has

In real time instantly.

It really really changes a lot.

Yeah, Okay, the question I'm already getting now is this, if I'm paying the guy in the US am I paying him nira or dollar? So I know we have a few other guys here. What am I paying him? So I'm taking in naira to no, normally do nira dollar electronic dollar? Then pay him with this. I might pay him narrow dollar.

Your opinion there? Your opinion there?

So what this really does in dances it enhances It enhances the flow or the financial institute involved. Right, so it kind of makes it easier for them to set to their own liabilities. That's what really this really improves.

Okay, So I got Chima here right, and I had a question for Chima. Is more in chim high? How you doing?

Hi?

Yeah?

Yeah, yeah, Hi great. So I want to get your insights in terms of just the the structure, not the technical side of it. Right. I'm not sure if you can speak on that. I see SEC regulation of that is that you just for me, I'm a guy in a laba and I buy goods from on a chair, I selling legos? How does this work for me?

Okay?

So so say this way, we have the real that's the blockchain REIL actually that does the payments. So you have your c n G and it makes it easier for you to do settlements. So say your supplier is kind of like that accepting digital currencies as well. Let's say US did U s C. Now, in doing that, you need to go through a merchant let's say for example, now with that or Bush or even some of the debts, go do some marchant actually creating.

A p C engine c ENG and U s C T U s and or Now you go through them.

You have your c ENG and and then you make you get US or U s C with that instantly, and then you do this too.

That's one week.

Then another way is there are some there's some innovative solutions that are currently being tested by some some solution providers. Now that they create the real whereby you don't even need to look for where to do to even switch c ENG into US or U s C. You just simply go there and make your payment and then they do the whole switching and settlement for you with the marchantol the supplier that you want to do in US or U s real.

So So what I is, if I'm hearing you correctly right, So if I'm a guy in a laba and I want to import maybe compress US from China. I will simply get to see and take my my role naira from my bank in Nigeria because it's regulated. So I debit my Nigerian bank and I buy c ENG and that takes me digital. Then I then go from c N g N and I buy dollar or yuan or whatever it is I want to trade. I buy digitally online as well.

Right, yeah, so that would be that would be equivalent of your own stable coin.

Right, so you have you have stable coin, you have others that are also coming up, So it's just you trading digitally without going to look for a.

Dollar of foreign currency.

So am I doing? It's only stable to stable or I can go from c g N to save bitcoin or any other Does it have to be a stable coin per se because it's the closest money market, don't get my question?

Yeah yeah, so so so that is not for us to control, right, it's now for.

People that are the market makers or those that are going into the health plut.

We do those peering with CNN to this year. All that as is just a issue, and then we have those that solution providers.

Okay, all that which is possible, Okay, hang on there, Let me get victim into this discussion. Victor in terms of so Nigeria, Ghana, Kenya, South Africa, these are all the places where Nigers are doing a lot of trading. If you look at the Nigeria West African sub region, Nijers are doing a lot of trade in Togo, ben In, Ghana, Ivory Coast. We use Cepha, we use naira, we use dollar. In terms of just the African strategy, we have Nigerian banks already in all these countries. We do commerce already

Thank you very much, my ador.

Yes you are all right, So thank you very much. Cali.

It is a pleasure to meet you, my brother. And that's a very good, good question. So today the c eng and like Shima just finished mentioning, is more or less in digital representation of the Nigerian and Ira. And the fact that we are now going beyond just Nigeria with what the African Free Trade Zone started led by.

The team.

By Key.

We are also working very closely with a frexing bank, working very closely with PERAPS. What is perhaps perhaps in short, is the African payment settlement system in full.

Okay, if you all probably look at your what's it called.

Now, you look at the internet or around you probably might be seeing flickers of things called the PUPS African Currency market Place and just to add the African Currency.

Market Place started a pilot.

With those three countries you mentioned, Nigeria, Ghana, Kenya and given Cameroon.

We have started doing pilot. We started the pilot sometime.

Last year fully in August twenty twenty four, and it's about to fully fully go live. The announcement has gone out from the CEO of pubs as well. Now let's bring it homes up. When we do those transactions today, we.

Actually have the corporates.

Corporates like for example, let you say do let's say ken your airways deposit fonds into a.

Normal commercial bank.

Like you also know there are banks.

In all these places, but when it's deposited, there is a representation.

On to one of it's in the platform that was built by us.

And then this automatically, as you will agree with me, a fable coin like you just mentioned, is a simple reserve mirroring a fiat currency somewhere and using APIs in a programmatic way tracks that reserve right and it can move and do a lot of various things.

That is what today has been piloted at perhaps.

However, however, this was piloted just in readiness, in readiness again.

For what we have already started doing and building at rhaps d DC and we've been testing this to see and the fact that we now have the CNGN now sorry for the noise in the background, please, the fact that we have CNGN now we are about to now also plug that in at a public layer.

Now what does that do or what does that help? And I will give a very live example today Sir Kenya always is able to move ticket sales from.

Nigeria and repatriate it back to Kenya in a matter of probably just ten minutes.

Interesting now, before now.

They have had massive, massive issues like the cell tickets in Nigeria and Nira or Cameronians saff or Malawian Quahta and Unfortunately they are not able to reportraate this in record time.

And you know what that means.

What that means, calory is that they need to go to a central bank try and get US dollar right so that they can repatriate it. Because usually, like you will agree with me, moving look occurrencies is not that easy from one country right within Africa. You need some intervention right, which most of the time might be swift, or you just get to talk to the central bank.

So before they get to it's aways, they might just begin like say ten thousand dollars or at most twenty thousand. That doesn't mean they can clear their backlog.

In the process of doing that, it takes time before they're able to move all that phonts volatility hits them.

So you see a situation where it's.

A five hundred thousand now becomes eventually maybe two hundred thousand.

This is a clear case and a clear problem. But today, sir, I know that we tested something in January.

This year, they have sold some tickets.

These days, if they sell tickets in a few minutes, they have it back in in Kenya.

Okay, well, good question for you, sis, don't interrupt. You add it omitting nira or dollars. So what ken air is taken out?

Can you always takes out there the nira? Oh, and there's nira they take out side. There is no dollar involvement in everything.

And everything we are saying, sir.

Yeah, and which is record one for us in Africa.

Record because at the end of the day, African.

Currencies have more mobility.

Like what we say, the.

Stable coins within Africa will make African.

Currencies now have we call.

Them currencies on steroids now tech notes?

Like somebody was asking me some few days ago that if I.

Was in Kenya or in Nigeria and I make a payment into a wallet system with the stable coin at the other end, will I receive or in the other country, will I receive the currency I initiated.

It from and was from Nigeria, and I'm giving it to somebody in Kenya. Will they receive Nigeria and naira or they will they receive the kaya shillings in stable coin.

If there is a stable coin.

In Kenya, which we are almost also erhaps a BDC almost done with the approvals, they will receive it in Kaya shillings.

Because its stable coin stable coin.

And if you're in the US, if we have like a settlement or a payout partner, it makes it easier for them to also receive it in a stable coin of US dollars. And at most also if they are payer partners, they can also offern for them in normal.

Fat if they choose to do so.

But what makes it unique, Calu is this What makes it unique is the fact that I do not have to go through traditional banking per se.

I'm using a wallet system that is still approved and supervised by the bank in a regulatory fashion.

That's what mixing gre unique.

It is regulated, monitored and compliance, so we're seen doing all the rules that the bank would want, but we are only following an approach that is much more efficient and much more effect effective for the financial equosis.

Okay, so in essence, right, let's let's I always use the example of what's happened today and then what you guys want to change. So today care is remitting in foreign currency because they need dollars. They don't use nyra in Kenya. That's what we have. But what you're saying is that, yeah, what you're in a way, this can always can remit nyra or hold that narra in stable coins.

Does this?

Can you balance that? Conflicting to when Nara is not stable? Have a stable coin? Can you help me out to that? Victor?

Yeah, thank you?

Can you hear me?

I can hear you?

Yes?

Awesome called coll It's.

A pleasure to be here.

Calu. Why do we need a stable coin? I think my colleagues already discussed on all the use cases.

But something else that we should consider when we're talking stable coins is there's there's so many phrases that were the stable point is but to think about programmable money, right, someone had said currency and steroids. That is also you know, a very close description of what stable coins are. Your money is no longer you know, limited, so to speak. And I'm gonna I'm going to present a couple of

So it's the same thing with Naira. But setting points is.

Not necessarily you know, trying to compete with the USD, but trying to activate. What Innara is able to do in a digit economy today is someone in the US or Denmark as cardin media and literally acquire ski Engine from you know, decentralized marketplaces directly and send it back home directly, and someone at home and decide to convert

May you may be able to spend it.

And what you wonder why you want to spend fiat your web stable where you can spend your feat but imagine that you could provide payments per minutes. You probably couldn't do this, you know with the NYRO when when you consider you know, banking fees and things like that, you can now you know, with the power stable coins program. You know, payments to happen per minute. So maybe someone is streaming yourself, maybe you're a musician, for example, you can charge them per second.

Do give what I mean?

You know, So those are some of the possibilities that people can build with the power, with the technology of stable coins.

Okay, yeah, maybe I should just stop there.

Fantastic. Let me ask you a question. So when we did the Niract change over, when we changed Naira, we you know, went from where when Barry was leaving and we had to change to go to it. You know, we held the niractor and not what the name to use for the narrator to color change. If we had this back then, right, would this have helped? Because I think at that point the banks were overwhelmed transfers, we're not working, the infrastructure could not take the huge volume.

I'll tell you for free the very short answers. Yes.

Yes, those who are ware predating year, they know the ease at which you can send assets from one part of the world to the other.

You know.

Yeah, So the short and simple answers yes, and think about it. No delays, no bank delays, nothing gets stuck. You're not worried about crazy fees, so you're not even that period. You know what's happening now, people were you know, few feeling station and attendance were colluding with pres merchants and people were literally selling the Nyra you know at the premium. Such such a thing would not have happened because we just I think about it. A lot of

Can you exactly can you explain that I can send one Nara and not get chat to FI? Can you expand it on that place, and I have the last question form. That's lots of foots want to ask a question. I'm going to add them praise soon. But so I can send one what does that mean?

Yeah, I can send you once.

And you know we said we already established back one for one, you know, so I can literally send you calu uh. If I want to send you one lera on a tradition on a regular bank, maybe with the exception of some of the banks who use maybe for marketing money to sort of do some suft landing, you know,

Nra for example, it's it will cost me.

A fraction, especially maybe on some some blockchains like bands for example, it will cost you like a fraction of a fraction of a nira.

It's almost negligible.

So that's what I said.

Without transactional feees like, you don't even know that anything has happened. So what is the value of a fractional fraction of vannira? Those things are just happening on chain, ensuring that the money value can move from one person to the other.

We don't know. Yeah, without anything doubts.

You know when you see things that happen with bankman, you send money and maybe it's.

I'll give you an example.

I ordered something on one of the food venus you know, back in Nigeria, and the food did not arrive. My money did not come back to me, and I kept falling back and if I have some point, it just became cruise, like I just tell them, oh, you put promised next week, it's now six months, and I kept going to like eventually forget about it. If we have an ecosystem that already leverages table coins like this, it

Point in time. So there's nothing like that.

I don't hit my account. We can't see that it does hit the account. And it had hit it instantaneously, you know. So I'll just keep quiet here so.

That let me ask the web of five guys on the space with them. They have questions. Let's let's take that questions. We'll come back to my I'll not really talk about the regulatory space again, your sec relationship, but let me get stock Bubbles in here. With stock Bubbles Mohammed, We've got fund show Michael and James. So stock Bubbles, please go ahead with your question. How are you doing today?

Sir?

Very fine? Can you hear me?

Please?

Yes, I can, If you speak up, that would be perfect.

Go ahead, sir, okay, thank you very much. I think the guys are doing a very great job. But I wanted to ask about the capital markets and go Now, maybe I'm jumping the gun. Why I actually got a little bit late. But maybe this has been discussed previously, but just to make up if it has, for my safeties.

It hasn't. That's a fantastic question. So, I mean, how does this plug into you if I want to buy shares and all that, if I'm in New York and I want to invest in Yeah, I mean I don't want to take the question right, How does this plugging enough how we can buy from the market, But it's the second is involved, so clearly there has to be a leg this in the in the stock and captoin market space, right, So we want to take that answer. Please, thank you very much.

Okay, okay, thank you very much. I think I can come in here with that.

Yes, yes, yes, yeah, I was going to ask you a question that you can answer. Use my questions basically give your answer as well. Just give us maybe the leave of the land. How you guys got this sect to more or less approve? Give us that seculationship right only use words or not from your from your tip. Give us the seculationship. Define to us how you are different from the bank relationship banks. I'm not sure they are still doing crypto for now, I'm not sure, but

Yeah?

Thank you.

So you know stable coin is a highly highly highly regulated an instrument and is an innovation, but it's completely regulated in most countries. Yes, other people play with it without relevant regulation.

We chose to do otherwise, we choose.

To actually make sure that we'll follow through the regulatory requirements and kalo this this idea and this whole innovation started since twenty twenty one, and also tell you that it's been a long journey coming. And the simple reason why we're following that trajectory is because we're somehow within the consult on that form and the companyization engen. We're very strong.

Around crypto compliance, crypto.

Rics, cryptoics, mitigation and all those issues, and we also therefore felt we cannot take any step without getting the regulators, not for them to understand it. So I jointly started actually with the central work and we went through different records. Since twenty twenty one, we're doing education upon education, you know, we're sharing notes, we're being asked questions on how this

Not allowed to touch the Internet.

For some of us that are holding enough of those days, you only work within the intranet of the company that's

We moved on.

With our innovation and what albeit it. We need to carry them along, and of course we carried off. We carried them along and everything, and we had this understanding to say we think the country issue allowed the banks to actually internal with digital asset because that is where

Us around, stopping us from that race.

Right, So it is a race, and imagine all of us globally, we're on the mark on your mask set and then the blue the whistle and everybody went up and the Africana related to held the lag of every every other person on that on the race.

And we're stie here ten years after. We're the first.

Maybe if I'm not mistaken, that is running out a national stable point. So Central Bank said, hey, okay, we think it's okay with thin it makes sense, but we will refer you to SEC and as after three years Johnny last year they refer us to SET to say, go to Set and continue your journey. But we we understand and we will be working with you to see what happens. And went to SEK and so also of

It makes that two men very flute.

I need to make it to put up the capitol market to everybody outside Nagera. So today I can't buy any shares.

I need a.

Broker in between. And the broker will ask you if you have a bank account, you have to transfer the money to him. You cannot just buy shares. But today on different global platforms with the digital currency, with the US dollar digital currency, you could buy shares of different companies in the US. So we believe that it's going to be a kind of a step we get there.

So if you may.

And what we're doing is NIRA globalized. You know, you're not becoming global. So I can be in Pakistan, for example, I can be in Canada and I have narraved my wallet and can still do exactly what I can.

Be able to do with in Nigeria, you know.

So, and those are the those are the those are the things and are different use cases are my Puelague has spoken on different use cases. So imagine people doing international trade business to build business, payment and treasury management properly, which I believe Victors spoke to, but a lot of decongloomers and companies able to reportray their funds and it's difficult.

So you can use those digital naira to handshape.

Whichever other stable coin is that we have elsewhere and that those issues can be very similar. So there are a lot of use cases and there's a lot of efficiency that is brought in. There's a lot of complexity that is involved with this current system.

Are going to be at the pass if this is completely okay?

Well, but just to be direct, right, So if I want to buy shares today, right again, what I do is I take my naira, either I write a check or I transfer money to the stock broker. So is there going to be a way that I can do this by just getting money in stable coins and pain the broker? It's second involved in this in any way.

So Carlo, So this is it. So we're talking to two different rails.

So what we're having now is a new rail, a new technology that will power the next generation of payments and finance, which is the blockchain.

So what we have today is.

The traditional rail of the normal banking swift system that had been there donkey years, right, So it's not going to be accomplition. So one thing we have to be able to see, which I think I think the stock market is talking about it is to digitize.

That so you don't need you digitiz all tho.

Stuff market and make sure that all shares are on digitized. If you mean then maybe I use the word in the blockchain, it's token ize, so you have tokenice shares.

So when those who ting.

Are tokenized and you have a digitized stock market trading platforms, then digital currency is naturally the money that have to play that role and not the normal plantation of Yet if.

You get gotcha stock bubbles? Did I answer your question? You have a follow up stock bubble?

Okay?

Well from what I from what I understand, I think it's ongoing, so there's no structure yet for that. On our path, I was thinking it would be like a payment option that will just enable you know, buying shares and engaging with capitol markets in general.

Having this in my book, from what I understand.

I think it's saying that c engine helps to deepening financial inclusion, uh to, and it leads towards the cryptosavy crowd.

If I understand, it's that's that's the current states for now.

Correct. For what I'm hearing him say is that for now, that's where they are for now. But you know they've got this sect seconds behind them if you want to you to say that way, and for now they're starting like this and hopefully they can expand and get more adoption. That's what I hear him saying, which for now, I will take that from him. Mohammed him. You've got the floor.

Yeah, thank you, guys. The questions are.

Hear me, yes, second, lease go ahead.

My quass are you are just faism in form? So you know all these figures with nowhere I stand you.

So if they're like fiving number, fight is a lot man, maybe because there's tools that I can fall and catch up.

Okay, can I just make it free for it?

I thank you.

We're seeing similar en devils, you know with error or the last peak kind of like explain why you know they're not exactly the same thing, and they put the complementary But if that didn't fly, you know, Are you saying that the tech has changed so much? And you know like and see c ENG and won't in the

Trade finance loans or whatever.

And they rigs they're using see engine rates you know, and.

Is bent back engine or and how by giving essembly losing engine? Sorry, are you saying this is a possibility to this level of administration. That's a good question, thank.

You, A great question. Yeah again, who wants to take it up? I mean he asked the three. I mean the one are transfer, the efficiency of the whole system. Who wants to take it up? If you guys can pick it up, that's fine, But that good questions.

Are you able to do like a recap?

Because I don't know, maybe it's just from my end, I could already hear anything.

It was the voice was clipping.

So if you're able to help, really be nice.

I can hear you very well.

I heard him ask no but one about the one that transform. I'm very curious about that. He said that no one transfers one there because I think the defeats also quick catch up. Then he talked about the stability. I e's one for one if not writ is not stable? The same question, I act, and what happens to the other leg because it's legs. Then the tech question was do you want to you want to go by it again?

You know what?

There was a bit breaker.

Okay, hope, yeah, go for it.

The first one.

The first one is like, like I said, we've seen.

Similar endeavors like the in error and the last explain why they're not the same.

You know.

The question now is as the tech changed that much, you know that we are certain that it wouldn't offer the same fate as the first question.

The second question is if what happens the.

Neror happens to the ability issue happens with Engine and then obviously only if full adaptation you know, you know locally and internationally would would you know, we lead to the success of the scheme else but I wouldn't read us just reliable on the neror.

And the talk question is about.

The transaction season or you know, I don't say yeah if you got as well as as one ever and not get church, but no transfers wllever and the higher the transfer.

The more negligible charge.

You know.

And in this regard, banks have or seemed to have an edge in the way of customer relations.

You can see Engine change.

This in terms that you know you see access bank, you know, giving loans to your customers in c Engine and quoting you know else I fees in Sea Engine as opposed to the never is that is that level of penetration in the financial sector possible. In addition to stock spin priced in the engine.

Thank you all right?

Did you get that?

That was?

I think they can they can take a start, I.

Go, so I'll go with the tech.

So so so there's there's this difference between private blockchain. I think this education and we're just starting off at the time.

All we get it.

So there's different between what we call a private blockchain and a public blockchain. So a private blockchain is a blockchain that is controlled by an entity. They all see themselves and they're controlling themselves and so again depending on the cryptonitis, and they seem not to trust it that much because they want to see. The word public blockchain offers is that openness, that transparency, people ability to actually see transactions as they're happening. So there's no similarity, like

Know at the end of the day.

So that's what you're just trying to explain why talking when is not literally the same people will transfer when I can bank actually use it to deep in.

Maybe their loans and whatever.

So today we have the equivalents of banks on chain and they are called decentralized finance. And so for people that are crypto natives, that people that understand crypto properly, we hardly go to bank to go row money. They will actually go to decentralize finance peratform to forrow their money. So banks whill come there and money to use. This not the it's not the banks in orders, it's not

Okay, perfect, Thank you so much, Thank you so much, thank you so much. Perfect. Yeah, questions, thank you, that's a fantastic answer. Let me get Michael or Michael I have you in here. Once you ask, I'll just drop you so I can add us folks, Michael, you're dead, and of course we'll come back. I do have a question for Michael.

Go for it.

Okay, thank you very much, and yes, I can go ahead.

Okay, I have some questions and some remark to make us a bring your Marx in our novel.

The questions, I'm just some purchasing wants.

I was saying, when you're in fact about around is that this engine I don't know about generally when the bluction took on the programmentcous that can't use that pos So.

We have by what probi Michael, Michael, your audios has a break in that. Can you fix the audio real quick?

Are you clearing now?

Yes?

Please go ahead?

Okay, So when you was talking about from being programmed about this engine and being programmed with that. We can be used across defied protocose blockshing protocols in that for example, I'm creating a blocking kit and maybe in the game you end currency for performing signatural rewards.

I can use this engine in that regard. So use that cross you know what I said just about having.

Bound on shame something like that centralized applications, so you can use it freely. You don't need to take permission from anyone, So you can use it permission. Yes, if you're building whatever you're building, that just that. But my questions I will start with this first. I've just had them just as by stay first of all outdoors the company behind c ENG and make money, is it the same? We have stat a noted how the hold us tradery

Appreciades or usage.

So I see, and I think adoption will also be may also be a problem because.

Majurely the US. The reason the US this is is really.

Is really you know, successful, it's because it's used majurely in defied people trust the US. It is resilience like we For example, I don't trust n If I'm even moving my assets from it's going to let's see, still going up. I may not want to use the Nira because I don't trust the Nigeria and Nayra. Right, I trust to an accent rather than a move. Every other crisis, I would naturally want to move my assets to G two.

Okay, well let me let me let let me let me let them. Let's a question. I'm not a crypto guy, right, I'm not a crypto guy. But we don't spend dollar in Nigeria. So if I want to pay I have a I sell a book in Nigeria. The book is sold in naira. No that it's not sold in dollars. So if I was going to buy my book in Nigeria, do I care eat a dollar or nayra is strong?

Yeah?

My My My main point is like if I'm someone in Nigeria, right, I really don't want to use the ng I can just use my.

One for example.

I'm not a cryptolative person, right, I'm prevent using my naira do and go through the whole stress of you know, trying to get education. And I also use the crypto a crypto troop for example, when I can easily use my naire. And I'm even coming on the street side

But for the.

Aversion of Gium user, the aversion and Gium user, that the fee maybe zero and zero five dollars. But if you if you multiply that with the price of of instner of a dollar right now, that's about a hundred era approximately, or they are about. So imagine I want to spend I want to spend something like two thousand ERA, and I'm being fees of five of one hundred and era in my bank will show me like twin era or ten ARA.

So I think the fee side will be largely beneficial. But users were.

Sending millions because the fees are quite quite a big constant.

So I think from the used from the for the for the Ninegeerian user side, I think the ce tues.

I said, I'm sore broad and I want to you know, for Chassera, you.

Can't help me with that.

In terms of track, I don't know if you can gain traction in like nobally.

Because okay, let's let's let um answer. Let him answer the question. Michael, so maya, I think I think you have your point is valid, so let them helping your Yeah yeah yeah.

Let me let me just quickly going So Michael, so two things, and thank you for for your questions. And I think you're fixated on the fact that maybe you're using you're used to turn. We have local blockchain ecosystems, so we're talking Africa now. For example, we have asset chain, we have Band two blockchain. We we put our fees because we're using the white guys innovation to define everything. We're changing the starlescope and we need to work to

And all we're trying to say to say, no.

This cannot happen if you have a US city like the one you trust, and the US city that you trust, does is he saying to have a hand shape with the digital mirror to enable orchestration of these payments globally, so that your nera have been more valuable than being locktopping you're popeed on your bank when you're out of Naturia. And those those are things we are actually not compare.

So people are using and people are holding it.

But then now see that there's a need completely now for the dollars stable cord to have a handshield with different locals table coins issued in different countries because the last mind is always headache for the dollar transactions, and so now they are in bed with everybody issuing local currencies stable coin. So the idea that oh dolla is the global one that is dominating, yes, but the narrative is changing with localst table coins. So litra has come up.

Right, guys.

For me, everything is breaking here.

Could you could you the audience not that lowed, if you could just become.

An That's what I'm saying. You app is buggy for me? Adam am I audible?

Yes, please go ahead? Yeah, all right, awesome. So for me, it's quite an interesting time in the cryptocurrency, bigcoin slash stable coin space, and that we are sort of having these types of conversations as how to move value within the space and do so in a regulated manner. I'm, however, from very very important questions because there are some things that while I understand the need for promoting this space and do not factually entirely with the technicals of how

Does this same.

System give that same sort of leadway to the issue was of this token?

Should probably be worried that they might be this might just be another surveillance to buy the government to punish people.

Or confiscate people's savings. Can people be comfortable in.

Saving in d C engine Okay, that's a fantastic question. That's a fantastic question. I mean because I know why that's a fantastic question again because it's all over again on my DM. So let's one answer that everything. I appreciate that that question, I'm very very valid. So who wants to take that up? Can we trust this? If we use this and need's going to be taken down somewhere? Can so come tomorrow and send folks after us? Who wants to take it on?

Let me speak class and there are my colleagues.

I yield your mic.

So it's just and I think that that's a distinction that I did earlier to say one is built by government and again most of the most of the concern globally when it came out is actually deserted as like the speaker mentioned. And so what we build is on public blockchain. So today, if you have I have seen gene in my Metamax for example, today a metal mark,

Different companies globally, you.

Know, the likes of change analysis analysis companies and all those issues will.

Be able to track down.

Even they had has the store Walmi billion, we're able to track down. The only thing is that I don't know who is behind it or whenever they spend it in a very compliance man, I should be able to know who did that. Well, outside that atting, your money is your money. Nobody can the bank you you're actually your own bank. If you are in those waters, you have those money in those or whatever. You're on your

Wallet, it might be.

Okay, is that the final answer on that? I like the answer just I think that's a final answer for going to the next question. And guys, yeah, okay, let's get the crypto who got the crypto Preacher, Then I'll get Lawa in here. So Crypto Preacher, I have you an also function that had dropped off Crypto Future. You've got the flow. Ask you a question. We've full branch. And again lots of bookshare have different you know, the

Thank you very much Calou for the opportunity to speak.

Also the very big thanks to you guys behind the cngent team and the rest.

Of the coup right here on the on this space.

So my question is costletely the fact that over this part a period of time, let's say twenty twenty one down now, with all of the front and back and all of the name calling of this industry, and with a couple of things that have happened in the.

Past, and regarding or the INI Earth ting.

I figured out because I posted a couple of my payers about cng in one of my social media patform and the bad clash is somewhat looking like people see the cnngen as another recipe to salve the INI Earth team. What is the CNGN team doing to be able to erase all of that because what has happened specifically in the crypto space right now is the lack of trust which government actually initiated or making the industry.

Look terribly bad. Right, but what is what are the team is this current team doing to make it.

Look like No, this is not a government should be This is a private company trying.

To make sure that things can.

Work out more like the US did better and circle.

USDC kind of thing.

Thank you very much, Okay, perfect, I mean this is it's almost like the last question. I think it's folks asking for you know, due to the gens and all that kind of stuff. So who wants to take that off? I know they've just spoken a lot, but he wants it to jump in.

Yeah, i'd in think ended up.

And think for that.

So one of the things we are doing is just what we are.

Doing now there that it is this book.

We we've heard about that and that is why we are coming out to reach the public right to say, there's a clear distinction between.

From the inn era the c Engen Like what your audio about spec Yes it booke up a bit, but go ahead, you can speak up wonderful.

Okay, So so so so the inner life specifically or basically the government enduable right it's big priate central bank for the country, so on the private blockchain. But the c eng and is a stable coin that is on a public blockchain by a private company, So that is a clear distinction.

They both have their the market they are serving. Then the c engine.

Our model currently is it's more of like a whole self right to businesses. That is why we're focused more on companies or organizations of financial incisions or.

Digital exchanges to take this the CNNG and formost.

That's why.

It's not everybody that can go to the platform and you register and then you start getting the CNN.

So based on the fact that these are the greatest tablecoin, we're compliance.

We have our rules and that for the.

CNGEN to be issued.

Then it goes out to the public, and the public mixtures of it, the retailers or the individuals I want to make use of it for to create solutions that will have to do it maybe payment or people that want.

To create solution that has to do with paying utility bills and all that.

That is fine.

There's a whole lot of possibilities. So we've not even started scratching the.

Surface of the possibilities.

Although I do not come from US as an issue as but we believe there are lots of companies out there that I've been waiting for solutions like this to create, to create solutions that.

People can is listed using. I'm talking that had the first question.

I think he's dropped off because because we were cycling. But I think it's just more let's knowing the the safety and safety mechanisms that I guess that's what pops are asking about. But I think good answers so far. Let's get fund show fund shore to ask the question way way back. I see you. I don't know what it is, what its go methological. Let's get a full shot.

Sir?

All?

Do I share?

Go?

Yeah? I want to think is having a netal problem what's up.

Calu, What are you doing?

My brother?

Congratulations you eventually brought dig and Charlie to this place for about two years I've been ham marrying. Is you bring them Here're very very glad? Yeah, yeah, thank you very much. Well done, caldum me God bless the work of your hand. Amen, keep it up. You know, today is not the day for me to express my Bitcoin maximalism because these are my brothers, you know. But I just want to say a few things before I ask my question, before I give them mike to other people,

You guys as my brothers.

Charles will spend the year together twenty twenty one to twenty twenty two, so me and you were family.

Diji is my guy. Anytime I go to a buja, you know, I got to check him out.

Shout out to show Danny and my friend down there. You know, and everybody on the CGM board, you cannot be representing the first ever stable coin in Nigeria. And all of you speaking about c Engen don't even have at c engen or ashtack c Engen on your profile.

I speak truth to power and walk away from billions.

You know.

So I know we say because my friends we can tell you about the truth. So I'll keep quiet for now. That's what I want to call your attention to because I'm getting d ms uh people that don't want to write under Carlus comments so they don't mess this all up for you guys, and those have to unnecessarily cause.

Quilt diligence.

That is too timely. I think it's too timely for now to start.

You know, over scrutinizing c Engen call Aduna of Tether, the co founder of usd T went through a lot of scrutinization from the entire crypto community, bitcoin community on top of the food chain. That's why it represents a bitcoiner even more than the Tether co founder.

That I so please my.

Guys, all of you, all of you representing CNGN, You cannot be profiling yourself without carrying the flag of c eng Because CNGN is an automated machine. CNGN is back a human beings. Right, you guys are the once in charge of CNNGS, So put the flag of cng on your profile first, the website, the astag, so we can know who to pick, who to find, who to blame, who to apploud.

First of all, I'll use my my calu. That's what I want to call your.

Attention to first, so that everybody who follows you here will be able to you know, know how to ask you for that questions on every time, You'll be a CALDO space and thank you all for coming to my space the other day?

Who owns another space?

If I get another opportunity, I will ask them the CALU.

These are my guys.

I trust them until they fail. They say, don't trust but verify. I'm not going to scrutinize them too much. Onto billions and billions and billions of transactions that have been done. My fear is fractional reserve banking. But these are my guys who I trust. You know, I've exchanged money with the J before. The g has been there for me before. That's my guy, Guy Guy. Charles is my guy Guy Guy. So these guys are not. They

Okay? Perfect?

Thanks?

And I'm not sure comment for the for the folks here your inside baseball thing. I appreciate the comments. I had a question though, and I know who's going to answer. So it's a stable coin, right, and I know at the very beginning I did read out that that's so the detect from CNG from the c G and back to one to one and all that. So I just want to ask, can you name the bank you happen in the bank, per se? But how much treasury bills

Is it cash?

Is it bonds? Is it held in the bank? Who can give us more insights on the other side? Now on the on what's back in the one for one? Do you guys have these funds already curated? Is it in the CBN? Is it in individual banks? Who wants to let me talking around that?

Okay, thank you, shruggle.

I think you have to give me a hour and what why you to send me oneaus?

I think when we launch have a hashtag send jan on my bidar. I don't know if you can check mine.

So yeah, God is taking I think we love those questions and just keep them coming. If you spend your US with I think a lot of ahead of us. So I cannot be okay, this is backed by no man. So I listen, for example, so you.

Have I'm not sure. I'm not sure if it's me dig you, but your audience kind of cracky. I'm not sure if it's me.

Yes, I noticed that.

I noticed that that.

I can think, okay, okay, So so you want to go ahead, okay, so let me look at that.

Okay, I can here. Thanks very question and thanks. So the saying journey is really backed by.

Buying there.

And government dates instruments, right, and we we have an a detour. We have an appointed custodian from our largest banks in Nigeria and we reports.

Monthly.

It's a sect, but our reserves and everything audited monthly, and it's it's displayed in real time life on a dashboard on our website, so sort of everybody can see what our reserve positions are. Both for the reserve assets. We are Our assets are managed by I can a great a assets manager by augusta uncle, and we have an auditor and custodian.

I don't know answers question.

It doesn it doesn't lot. So you have the assets there, it's it's regulated, it's audited monthly, and it's backed really one for one and you guys are holding Nigerian or Naira assets to backtop one for one? Yeah, perfect, perfect, Let's gets the tutor, got the floor, jimsy, you've got the flow. If you're not ready, let's get cryptonomics. Cryptonomics, thank you for hopping in here. Economics, thank you, Carlos.

In fact, I don't think I have any other question because I've already asked my question.

But let it still be that I asked something.

So I heard one of.

These speakers when they said when he spoke about they are still targeting businesses at the moment. So in the future, is there any plan for retail users or small business users? And then for those of us in the exporta You know, I know how much I spend in bank, you know charges when I do make a nirab bank to bank transfers. So would there be any benefit you know of using

So that's the only one I want to ask. Thank you, Okay, no, thank you very much for that fantastic question. So really, our job in the end, in the end, everything we're doing is about regular you know, every day Nigeria and rates. So even when we say our focus is on businesses, it's still it's still those transactions are done by everyday users.

There's no blocks. I see some of the stuff they're doing.

You can basically now go from you know, your your blockchain wallets, you know, internire in like you know, to three seconds right for like sooner three and a five do sort of things. So days there's a lot of sort of work going on right I am aware that some who are building in the systems to enable you go from in the same gene to impers out in Kenya,

Know, for like tenure transaction piece.

So that that's that's really a lot of the what we're doing is making sure that and users can ultimately access and use you know, disproducts as cheaply, as quickly and as as possible.

I don't know if that answers the question.

It does, it does a lot. I just want to just yeah, it does. Just you're just getting some questions again, Just can you just go over that question asks the very beginning, how does this, you know, help the average Nigerian business, Like think of a woman selling soaping in gian Kara or song setting textiles and cane. How does this really help the efficiency you know, the cashless. Just give us an example, make it, you know, make it local.

And thank you, thank you.

Ver So i'd say this this it would happen in phases, right. I think that's kind of the points that's necessary to make it would happen in phases. Right now we are we are in a regulator sandbox, right, and the immediate focus is really proving setting use cases, proving sets and functionalities.

Right.

So a lot of the.

A lot of the specific use cases for financial inclusion, you know, a lot of dis things would come naturally over time.

Right.

But what say engine is and what stable coins are in general, it's they are basically a technology that makes that makes the the use and distribution of of money

You know.

Developed, In some of these paymental use cases, you no longer need three four five, You don't need to pay four five six intermediaries to cetily transaction, right, so you can pretty much directly go from.

The end from the woman in the market pain to the person she wants to pay at the.

Most minimal possible PHI is like in a ways that in ways that the regular.

System will be able to accommodate.

Right.

So that's really the core of stable coins is that it allows it allows value flow in a way that is more efficient, cheaper, and faster than any other thing we currently have to pay anywhere in this world.

So what that means in practices, ultimately everybody is going to be getting access so easier, cheaper, quaker you know systems right to move there, to move their to move their local value and payment.

Around, if that makes sense.

So yeah, it's ultimately it's automately get to get to you know, do money in Alabama.

And eventually so Wela, eventually you can actually be in here at.

What point in mind?

Yeah, thanks, thanks so much for you for pointing that out. I think again this is a very good point in the space to speak to developers.

If you remember the last time I made a comment about programmable money, right, I for one know that there's a lot of innovators in Nigeria.

In fintech space even you know, generally.

What the engine can do is almost limited by the creativity an innovative mindset.

Of this Nigeria itself and even Africa.

When you talked about the person the market will manage that someone can build and you know something in wallet or something that has some scroot system stuff built into it, you can revolution is how is SUSU is currently done?

For example?

Right you how I like?

I like I like that.

I like what you just said. Now, so if I have ten people and want to do a sus so we can do a susu with inira Abbi because sorry sorry, when I see engine and we can do that right because it's instantaneous, it's every month, it's programmable and exactly.

It's the programming rights. There's no you know, you know what they in.

You know when it's time to turn money to me, when.

It's time to pay you know.

We we really want developers to come on board and think about what they're able to do. I mean, I think I've been in the text Niger, but you know that.

People are super treated.

People talk about organization, you know, the organization of stocks, organization of assets. You know what if let me bumba engi so I can say some things, but think about what you're able to treat. If you people that order things, you know from from other markets that maybe asked, well they needed the US.

Did to do that.

We have stable coins and there's seven point of some of those markets.

Now you don't need.

USD can just buy your CNG and and if if you know, if you build more intuitive market to my friend dissolutions, you literally can use your to make orders in those particular places. You know the issues that you have paying some of your subscription bills, you know because of limitations or you are someone can easily.

Build the proper nut virtual virtual.

Type in which all you don't introduce to fundly your NIRA. You don't know what happens under the rails, right, and then you're able to make assessments and then the reverse

Currently acquire us DT, et cetera, and we can use that to make payments. Think about the situation where where.

Publies cannot you.

Know, up their start what they call it up pay roam. You know, they can do that so easily now because you know at a particular time of it, as long as the money available, it can go to everybody, you know, and you can you can payble by hour, you can program.

You know over time, you know hours and things like that. You know, there's you just we just need creative.

Developers to come on board and and speak.

To us UH and try to build innovative solutions on this.

We can do everything.

If the guys at c ENG and they make the infrastructure you know available and many of the things that you have, many of the products that you have today that are built on CNJA, built by people you know who are creative but are trying to to make things happen.

So I guess maybe that's.

My addition to what my public view has already said.

Is there a use for this and music in Nigeria? We have copyright issues, so on release an album, it's copyrighted. Is there a way we can tie this into downloading music where musicians are able to get paid digitally, where they see and energy. Is there something around that we can build?

Again, remember what I said before that we are not the one who are going to build this, but imagine a situation where you're able to scream and build paper.

Second, right, this is just me imagining things. I'm not about all the nuances and not about the condo or the inefficiency that I may bring. But I'm just saying that the we'll just have to apply our imagination here. Regardless of what you build people.

You know that people who always do want to gain whatever system or platform you're build.

So again, it's not a not to innovate on behalf of people.

We have just created this particular tool or infrastructure, so to speak, to say, here you are here and here you go. This is programmable nairah. Make it work for the average jow on the streets.

The cryptunities already kind of know what they can do with it, right, some of them already can swap digital assets directly into c Engen and off from you know, that is already happening. But for the average drive on the streets, the market woman, like you said, the program the product manager here looking for gigs.

In Mauritia, So the US is somewhere.

All of those people build solutions that would enable them to be able to receive payments deciding for their service.

So that we can even be more.

Export driven, so to speak up I mean export service driven. I know we have limitations and challenges with the exporting you know, actual products and companies, but at least we can export services no people that you can get you so we can get instant settlement.

You know, and stuff like that.

So for us, we're not going to be the ones building these things that you said. There might be some of us, you know that may end up innovating as well.

I'm built on top of this.

But the mandate of rahap CDC CITYDC is to ensure that we're initially constant and complained. Man, we're making this particular if a platform available for businesses and technological partners to build on, you know, to to change how business is done in Nigeria and Africa.

So gotcha? Okay response, Let's get money, him money, him money, Thanks for having ye go ahead?

Yeah okay.

So first of all, I'd like to thank the creators of c Engine for they also what they're doing. I think this is definitely a way forward for Nigeria and for the blockchain community. One question I just want.

To ask is regarding the aspect of trust and transparency. I know bits of this has been touched and previous answers to the questions asked for, but I think this is very important because.

As we all know, Nigeria and every Nigeria.

Has trust issue right and and I think it's falls the responsibility for as on say Engine, to make sure that they're able to help people understand that this platform is uh is going to help them solve a lot of problems.

In the future. And this is this applies to developers and their end users eventually.

Now to give example, why I'm apking this.

Question on your side, you mentioned that you have like audits reports been delivered on daily basis, but I can't really touch on or see anything in that area like they for spent for some reason. But I think these are examples where I think it's important for you to be on again regarding like giving accurate informations. Now the numbers with regard to circulations or as they're just numbers

Right again? Open question, guys? Did you go I take that?

Take that?

Thank you time? Money.

Again, we are barely a mont. So normal traditional stable coins do whether they started or with a quarterly report, but we are going to be doing monthly report and the auditor is working on it now. We're barely a mont. Always saying is that all the structures have been putting place for transparency.

If you check on our page, those.

Numbers are not merely numbers, they are picking them from blockchain. Since we say you understand blockchain, those numbers are immittable. It means they actually happened and it's pulling it from the blockchain. And if you inquire deeper on that same page, you see the numbers on each of the protocols that we support, from asset chain to pace to every transaction that's happened.

Is that open on that.

Those areas.

So we are completely committed to transparency and we we all attend. Now we're about blocking one month and we don't want to go with the style of releasing quarterly auditor report.

We want to do it monthly.

In fact, we just did the meeting with the auditor today to make sure that that goes out so that you see it immediately. Hunger the website like you did mention Secondly, I think the second question is about first atten distrust. Yeah, I think we addressed that, No, we don't have our compliance. We don't have our compliance and what what does that mean? Okay, so so there have been they have been there have been people that have attempted to do to do uh stable coins, but they

If we move to FinTechs, we.

Must have a sibian or one other line sense that you have to be able to come to us who want to know who are the initial optakers of these tokens are and that's what that compliance meant.

So, but of course retail customers.

WI go and but there would be a lot of people that will also optake it make it available to every other personality to be distribute like that. But the source is that you have to be a regulated business. You have to be registered for you to be able to appairly op take it in that larger wholesale quantity.

Okay, all right, all right, all right, let's get James James, Hillary consoles Hi, thanks for hanging there in.

Jims, Hillary, I'm from a roobic career. I work with a couple of more authority and I have to say that.

James around virtual assets and one of the very patternate and key issues that we've been discussing a lot actually stable coins. I was also in a meeting the other week. Road is also coming up with their regulation and stable coins also was a very patent issue that was raised. And for this CNN team, I just want to to inquire what is the rational of the Central Bank of Nigeria to refer you guys to CEC because that will actually go a long way, and especially in Kenya as that will shape.

Our discussion as that now.

Many people are of the opinion that stable coins should be under the central bank, while it's evident from this kind shows that it falls unto the.

Couple of market space.

So just a clarification potionally for corderstondability or perspective.

Thank you, thank you very much, sir, thank you for coming on. So what I would say, hello, car am I own yes, I can hear you. Yes, okay, okay, okay. So what I would say, sir is I think there's no finality in my view to that. As earlier as yesterday or so, I was at the Central Bank on

Of moving and something moving, if.

You if you know, we are in the regulatory some works to test the model. And again the two regulators are talking to themselves, and I want to believe there will be some kind of hansh before maybe later or maybe not, depending And I would say this is not finality, but for now, the way it stands is aware with

SEC to regulate.

But we know naturally that the whole stable cord journey we metamorphosing to payments and reels and cross border and all those issues that some how we than the purview central. But whatever our framework eventually comes up, we will also working improperly. But today that's the regulatory situation assistance, Thank you very much, sir, just kind.

Of go ahead, go ahead, okay, to add like a bit.

So our own our position. Really again, we can't speak for the regulators. Our position is we are we talking issue, right, and just like any of our talking right. And that's how how different entities sort of intact we just talking and use them really depends on you know, those entities and their regulators. Right, we're probably speaking what we're just talking issue and that that was there in the second moment.

Okay, fantastic. Let me see if you're a full show is available to speak now? Full show? Gim we have you all right, fund show where to get that? So let's get go Chuku Urnu all right, I've let's get shape.

Yeah.

Hello, can you hear Nick Leny.

Yes, I can hear you.

Go ahead, Okay, great, thanks. Okay, So my name is Butchpool, governor of asset Chain. I know the g and the rest of the Engine team speaking about you know, blockchain supporting c eng and I yeah, we're from asset Chain. We built in the one blockchain you know from Nigeria. We we've been able to support c Engine on our private main net public maynaire should be out in a

I think that's still.

Maybe months away, maybe years away.

I think first is for people who understand cryptotally. I think it's from the noon to the unknown, right from the guys that understand crypto first, to deal with it, to use it in different systems, and to derive value from it. Someone here was speaking about the what's it called tokenization of assets? Right there are different things that

On chain is a big deal.

And at this point you don't necessarily need the regulators that much. I mean, you can break things with direct letters down come for you. That's okay.

But the seer gene guys have done a lot already with you know, breaking or surpassing the first regulatory hurdle. It's not for people to innovate and build around c n G and create reasons why people should use it. Some weeks ago, someone was talking about, you know, building a system that would convert their usd T to NAIRA in a couple of minutes, an automated system. And when

To a liquidity pool in a dept.

Now, some of the things that might be saying, might this quite strange for people who don't understand crypto. But for people who get crypto, they will know that this makes a lot of sense.

And these are the fects.

These are supposed to be the real off takers, right. And then the corporate, the guys that trade made in our Nigeria stock exchange and all that, because if they see that, oh wow, there is lipidity when let's say cee eng and and people are tapping into it, maybe there is you know, a pool that trade c eng and USDIT and they don't have restrictions like markets that open on Monday and close on Fridays. They know that these markets are open to for seven they can plod

Yes, I agree.

Well, if you tell someone that they can end let's say twenty percent APR in nyra or twenty five percent or thirteen percent APR in Nira, and then the person will probably end five percent in USD. A lot of people might understand that there's still the risk, right that Narra is quite unstable, but they will still are located a certain part of their asset to that now because they know that they can end a huge amount of

I think what the C engine guys have done is really.

Great and I would love to come on you know, vators and developers to build more DeFi pros leverage c Engen.

Thank you.

I think the next live question before you guys answer, I was going to ask that question if it was possible to stake or if it was too little to talk about taking of the c and energy, If I can stay, if I can put Nayra in the bank and n interest and it is one for one, should I also be about to put my c NG and stake it and also an interest. Let me let you guys speak. I've got you. You guys are all here, Please go ahead.

Let me let me quick at jumping.

So yes, now, these these are these are products that.

Can actually be created.

I think we've seen a lot of the five products right that's actually created sort solutions with high use and all that.

And the beuty about this nowise it's more things like you're taking.

Alone business online or on chain saying people want to okay, people already having digital assets like bitcoin, they're storing it or they're holding it as also value and all that.

Now with such with such digital.

Assets and with a solution like CD products like loan and actually be created whereby you deposit.

The digital asset like bitcoin or any other asset that is that you're holding, and you collect your loan in even city engine, all right, So that is one very

That's crypto wallets.

You'll be able to swap so in the crypto space or stable coin, there's well got liquidative fragmentation, right, so you have less stay engine on one chain and you want to send a user c engine on another chain. Now, what we did was to create a bridge system whereby you can easily.

Do the bridging that you send. You can still send.

Your c engen that you have on a particular chain to the chain of the recipients, right, So that's the bridging system. So this is just to make it easier that you're not locked in on just one thing that the CNNG and system supports. You are with anatually mixus of it all the gain that the CNNG and support.

So there are there are whole lots that's.

Been built around these defire products and come in and create whatever they need to create.

There's a whole lot of possibilities. So this, like Victor said.

Earlier, is not on steroid.

That's anyone that wants to create innovative, protim ultraly.

Wrong, all right, all right, so so just want to because so it's possible, it's in the pipeline for for staking, like if I a stake c ENG and it's possible if I take my money out to fixed deposits and I can also end someone.

Is that going?

Is that also a pipeline.

Yeah?

Issue, but yes, I love someone I want.

Yeah, No, we have it on then finance, okay, exactly.

Yeah, so that's what I mentioned earlier. On the asset chain. Minut's coming out in a few weeks. It's really it's going to be life for everybody to to deposit here engine.

And any Yeah, so we're on where again, please.

On asset chain. It's it's we're ventually announced, it's on our blockchain. Right, we have defied products launching on asset chain. Yes, so you can deposit he.

Eng and yes, okay and get okay, very important to know that. Okay, perfect, Let's get Shay. I've got Shay here. He's his work crypt Can you hear me?

Ah?

Oh, she is doesn't Caliber Bitcoin Club? How are you guys doing Calibar Calabar Bitcoin Club. She's just got ready to speak Caliber Bilo.

We got the flog.

Go ahead, all right, believing in thee. My name is she to do from Caluba. I wish I would heare on my Andrew, but I'm found of Colabal Bitcoin Club. However, I say yes my view actually and not start of Clover Bitcoin Club. You know, first of all, I would really love to comment betic engine.

I've been asking questions back.

And forth, you know when bitcoin I'm a big cooin and foremost.

And I'd love to ask. I would love to ask some specific questions. And first of all, when.

Are we seeing c NGC engine or Bitcoin network. That's the first question.

Nobody saying anything.

I can hear you. You are asking when I do you ask a question?

Yeah?

Go ahead? Is that the question?

Yeah?

Because I thought I would say something, okay, so to go ahead.

We have been saying this is noron steroids, right, noron steroids.

For me, I think that's bad.

That's a very very bad slogan because practically only patriotic people who want the air, right.

Aly, patratical who want the air.

So I think we should keep out the neron steroids because when you're.

On steroids you mean inflation and steroids you mean you know.

Lots of things on steroids of which we don't want.

And also I want somebody asked this question but does not answered explicitly, And I just wish morels could be truded on it.

Now when you see reports in reporting back to.

I'm the second I really understand I could start to be corrected that Gene is a secure because it's a single issue, right, which means that there's a lot. It has a lot to do with the SEC and the CBL and all of that.

We see.

If if I want to do transactions, I don't want usd T. I can't tach you the city for my own personal use except maybe for you know, complex reasons.

I want to do stuff for businesses and all of that.

But I can't touch you s CIT because I know I'm not safe and I know my ux City. My phones can be seised, I know, I can be you know, foos and all of that kind of stuff. Now, when you guys keep using the world reports back, reports back, what is the scope of reporting back to SEC? Are we see if I get involved in the protest against bad governors and the protest against you know, look I'm suffering from I mean, got to the federal government right now.

I mean, that's the re booked the news.

But the question is if I see any as an engine, am I safe or do I you know, have to look up for others.

And that's why I keep asking why on bitcoin?

And lastly, what what are the fees?

I mean, can we know what the fee is? Are CNG and c engines engen to other.

Apploggings you know, and all of that so very importantly, Also, who are the founders of c gen? Like all you said earlier, I love to see I'm proudly learning you and no doubt, and I was very happy when CNG came on, you know, but I love to know who are the founders of c engine, what's their background story, you know, what's their business? What what we see if you know, in the whole c eng and and stuff that is coming up and down.

And I'll use my mind for them for now.

Okay, I'm sure, I'm sure I'm going to come and really give you a good answer. I've also just shared a little rite up on CNNG and I just first regulous stable coin a three developers I see here, WARP, c B d C Limited in collaboration with Convexity, Interstella and Alpha Greeks Tech. Maybe they'll tell you more, but I've just shared that in case folks wants so google them to know who about it. But I think it's excellent questions, even though they've been asked before, but excellent questions.

Okay, so we'll just go thank you a bitcoining Calaba. I think we are Calabana Calabar Bitcoin. Okay, yes, so great again, just to start, we'll all be going us right, everybody coming into this space. His grandfather is bitcoin, and so we are fine and we're working with everyone to make sure a bitcoin.

Actually we're talking with the.

Latin lab to see what can happen with everything gent on Lighting network, and that talk is going on.

Unlet's see, I goes.

It's just that there's a lot of work maybe done and are just starting just barely amount. But I can tell you that the future is bright.

Again.

To address the question whether you are safe, I think you're completely safe, but I will put a caveat that same Jene.

Is used for legitimate purposes.

So if Jene is involved in money laundry, in terror financing and all those issues, we are completely also be able to use some other innovative compliance tools to make sure that and this is not all the issuers but every everybody that is take so take for example on a quid acts for example, if you are really going that you would be.

Able to do your clients.

But people have it today as pick today to you today you can go swap.

John on pancake.

To those you are as good as safe in that in that direction, and I to you which one is the last question?

Again?

Who are the guys behind it? So the companies behind it? Three uh Convexity. We started the project and I'm one of the co founders of Convexity and Convexity. We have a lot of things we've been doing within the space and we are very serious pioneers within a lot of

Let me jumping on the reporting right, So you asked the Calababic what what is being reported? So what's which it's out there in terms of reporting. We have some of it on our side correctly, like well I'm not being minted?

What is been minted?

Right?

They exchanges that of taking an order.

So these are regumated. These are kind of.

Reports drawn from.

Approjects by the Bank of International Settlements I think they call a project. Then the extra that states the kind of reporting that should be going to regulate us when it comes to a stable coins.

So we we already have that model before the Bank of International Settlement came up with such a projects.

So it's not like we don't have this of the individuals, right, retailers and all the stuff that is left for the my chances that are of taking both.

For us, the reporting is the normals in circulation. What is.

For us rereading aloument things like that is what's that contain in a report which I also some of them are visible on our.

Side to go to our fantastic guys or guys hey believe it or not, guys who've spent some time here learning from you folks who've done about two hours in Let folks go to bed. So we've got three guys I want to speak, d unsatisfied and I believe there is a ten on bitcoin. We're gonna let all three speak so we can just take closing remarks. This is such for us to learn, you know what we've lard you guys to basically talk. I want to learn more about this because it's all new and the us I

Thank you Carlo J for wonderflow.

Butting to talk, I want to say very big kudos to the e CNG and team and most especially to Charles. I think I met Charles twenty two and MCB and Sam being there happen to happy that terms just come up with the steam INTI ideator to transform the ecosystem.

So I'm very curious because.

In that hapaton, we came up with an idea that the then leadership of Civilian decided to.

Support.

We participated in the incubation program and we la'nt have a product using the inn Era. But right now I can't really say anything about the Inner. So my question is how we'll see engine co exists with Inner? Right, we know that in Ara was meant to address the issues of financial inclusion, because then we're doing a financial inclusions solution that would enable anybody to seamlessly provide value

Value from your from your inerra wor led to the full number.

A unique idea, and that's really skilled. And then we got into that incubation program. But because of I don't really know what happened. I don't know, I can't really say it about the Inner right now. So I'm curious because and this is another stable coin launched kind of like by.

Regulated entities, So what will happen? How is it going to equisist with the Inner.

And then secondly, I think I like we go to consent take on a program with more money, how we can actually provide programmatically yield mechanisms.

Right for people to utilize.

The c engine and stake it or put it in.

Every protocol to kind of like yield some innings from that. So I'm trying to like ask what are the plans for because we have a lot of change right now, we have so many changes coming up from assets in

In your things brilliant you want to take that. Thank you, Thank you very much so for the for that for that platform you build. I would say all you unit is what char just mentioned to just reach out for. So can your secan library for you to make sure that what inerror does on your application, you can actually

I think my Alcolley would take the second question.

Okay, who's going to happen that? Should? Should? Should we move on?

What was the question again, Carlum.

Dm DM DM W Did you want to have the second question?

Yeah, I was talking about the programmable money and I think they are clified already. I think we have really I think we open computation channel with conversity teams, which I also think we take it on from there because I'm happy this is kind of like them live now.

So I think last generally we were in contact.

We created the worstapp chat where we were talking about possible integration of MC engine, but I think we did Like now, I think we're actually continue the conversation on that wapp group. So yeah, So the haput question was the possibility of integrating multiple chains, so that to address the issues of liquiditive augmentation.

Right, so it's on this chain, it's not on this change so this kind of thing.

So how do I know you guys started not quite long So what are the long term plans to address this issue?

Okay, I think I think the the protocols we have, I think we for us, we have moved faster, and I think it's because of demands. Most most typical projects we possibly start and they will be on launching and it takes longer time for them to integrate because of cost and of course engineering requirements. But to the assistance, we are on almost seven very popular protocols and many people are acting. I think in the next a few weeks we should be also going like on tron and uh.

Solana.

We're currently on ethelium polygon bus network, binance matching asset chain band too.

You know. So there's a lot of change.

And so again we have building a muti chain transfer protocol to make sure that people can easily work and move between chains. So I think we have done that. We didn't want that we were launching. But again a lot will come and to just answer what you said.

Here, perfect love it. Okay, let's get unsatisfied. You've got the flow sour satisfied legend.

Gem everybody and my brothers past, I am most satisfied agender.

Yeah, indeed, I want to give a posision to the c eng and seam for.

Coming up with something like this. You know, anyway, three space.

Is not like people.

People kind of have their identities in.

This web three space mostly some of them.

That's that's why you guys might have had.

Experiences of racism on the use of it.

So you guys coming up and you know, probably coming out two years, do something for the country, do something for us. It's something heavily to appreciate. The stable coin backs with Neyra is something amazing. They do different scenario and dollar those different price.

Facts that we concuse ourselves. So I want to ask a few questions.

First of all, is just as you guys talked about programmability, that.

Is builders coming up to you know, build.

Something with with c ENGM. How programming with this engine?

Like you know, when I want to make an maybe an app eveleyment system, lending and boring, protocal eat C or anything, how easily can I be able to integrate this engine own chain, you know, not just like Pumpy or other banks, Like how can I is it the possibility of me doing things and it is verifiable on thing just like the way I can very sadly use

Know, we might have the products or we might not have the funding.

What I mean.

Possible way of support or integration. And then about peer to peer if if she meets the c e GM to the easy it is I have to reconvert it back to naira as if as she means it, Uh, after I do whatever I want to do on other changes like if I she meet it, I want to treat the coin it's issy and after I don't the ability of bringing it back to NIRA again, how physical is that?

And then the antimate just.

Like I highlight highlighted earlier, especially about this closer security.

You know, some people come up with very good projects.

And at the end they get to wreck the trust spreading them. You know, something like these audiits suppose the way we can track and takes years that the people actually this with this, but really fast.

These processes are many more.

And then about instegration with eco systems.

I'm a developer coming from it starts looking starts.

Delimiting between two.

So I'm hoping to see CNG and on the Bitcoin network at least via starts.

So how okay?

I know that.

Yeah, you guys are working on.

It, just like you're highlected with runs as they issue. Also, Jessica has also come to stacks. I really appreciate, you know, bringing CNG using the James to get the starts to open on from my own products.

That's the few questions I have to thank you all.

So you can see that the changes are unlimited. But again, like we say, we want it to be everywhere, so it should be. It should be everywhere, every every block, TAM. We should be able to have SA there with time. But again, like I said, we're just one one all. I will try it as much as possible to accommodate. How easy can you integrate? I would say as easy as switching off a light bulb, you know, just click with our execute our libraries. A lot of people are

Just integrate it.

We currently support twit change, but we'll be adding like you like you know, as the time goes on. Do developers don't have phones? Again, we are also just starting up, but again we're open to supporting very innovative solutions to make sure that those solutions build pantastic use cases that will push the adoption order for me. I think those those are the questions I was able to pick any other thing that I'm living up.

I think the last thing is how do you go from seeing gentin So basically you off arms.

Oh okay, okay, okay, okay.

So yesterday, yesterday, just an example, yesterday I moved. I moved about fifty thousand from my clock wal CNG and now c eng and and what is the purpose of moving it.

I want to send fifty.

Thousand to somebody's first barmy you be account. But the person say, oh, I want you to send me this money, And what I have with me at that point was a c engn in trust wallet. So what I did, if you remember when we were speaking, he said, there are people building in a Vasis solution to enable seamless few seconds of ramp at the maplop per twenty second, fifteen seconds.

Ten seconds. Your money is in the bank.

What I did was just to collect a person's a cant number, plan that money to no blocks, no blocks. I saw young in a virtual that just built something some weeks back and just putting the account number and before you say it, few circles with the person and the person confirmed.

So that's how easy and how similars it is.

So I want to see a lot of solutions around that line to make it very easy for people to move from do see engine in different networks and start like you mentioned to anything to bank account.

In a matter of just a few seconds.

Really okay, looks good, looks good. Thanks and the last guy to speak is going to be a bit coin blaze, Cape Town, go for it.

Yeah, thank you very much, Calu, thank you, thank you seeing GMT. So I just want to quickly say it, do you anyways where we.

Can transparently verify if there is in what you guys do, is their ways to verify that you guys are not practicing the fractional reserve policy?

And also I would like to actually look at the.

Plans where you someone can actually send b TC and a woman in your name markets can naturally receive c ENG or NYRO equivalent when you say BTC, like are the plans for that?

So yes, thank you, all right, excellent, Yeah, thanks that very much.

So again, being being sort of regulated means that they are very very high reserve standards for us. Right, So what that means is literally speaking every single you know, every single c ENG is back to the last couple, we are detayed. We have like a custodian and uh you know, we have assets manager.

So it's it's a whole very robust process I think that that's really great.

Uh, you know running with regulated products is that they are very again I mean this, it's it's unbelievably high standards for for our reserve backet right for bitter c to say engine of firms. Again, it's a lot of these things really really would depend on on duders like yourself. Right within the bit t C ecosystem. You ple add geniuses to understand the ecosystem and to the level that see engine is integrated, you know, course on doders like yourself.

Your your your audio is breaking up real.

Oh apologies, apologies.

Made all the early points really gotcha? All right, folks, let me just get you guys to sort of give us, like, you know, closing remarks. You guys sent me a very very interesting data point. I have more here, try to share as much as you guys want to share, but let's have closing remarks from you folks. I think most most of us here are not crypto or even you know it people, but we like what we're hearing, you know, I like the fact that we're sort of keeping pace with what's happening.

I like it or not.

If Innera had worked, this would have been a better you know, pill to swallow inn literally work. You guys are doing a little bit better. You've gotten the sect behind you. I like that a lot are you are just starting. You've done all this and this is just March, like I say said in February, and I have achieved all this, So I would just say keep at it, you know, keep really at it. We need this now for you know, the efficiency of payment in Nigeria were

No, thanks very much.

I'm very very grateful that you picked that interest in this and you set this up for the community. Maybe for us, it's been very helpful, you know, just to listen directly and then that's really what I hear from again. We are accessible really just to get as many people as possible, you know, to build on this rights because this success would really depend on on the community, right and and the ingenious of you know, of Nigerians rights and the builders in the ecosystems.

Yeah, we really really employ everybody. Please reach out to us. Let's let's build together.

And yeah, curd really flow up and saying undus, well, thank you, please, let's let's build. Let's build less, build less.

Built perfect. Reach out to us, all right, guys, and don't want to want to say anything else.

Yeah yeah, yeah, go ahead, all right, thank you. I would love to have our.

Says to be visiting to and you know, at least maybe one of the explorer links is the transaction A lots of play around in I'm looking into right now.

Okay, all right, got you guys. So guys, if that's where we are right now, of because I want to make sure this is recorded, it's going to be shared after the space, so you guys can go back and you know full up and what we've heard. The handles are all in there for you guys to follow, ask learn. That's the whole idea of the space is we want to bring in folks that know what they're talking about, teacher stuff, and then of course we can become better

One and buy.

Well weakly.

Thank you, You're welcome.

H m hm