Topic: E-Naira: CBN to launches Nigeria’s digital currency - page 2. (Read 564 times)

This comes from a complete lack of historical understanding of how currency gets adopted, gold and silver became the mains forms of money for thousands of years not because someone imposed them to the population, they did do because the population realized they were the best forms of money they had available, however the government then monopolized the minting process and then scammed people wit fiat currencies, however we are once again seeing the same process taking place now, and people will choose what benefits them and not the government and they will keep using bitcoin even if they ban it if they obtain benefits out of it.

Sooner or later then we would really see these digital currencies on every country in next years to come.Some might support decentralized one but most of them will surely keep an eye to centralization.
Nothing surprising really!

Nigeria CBN is doing just as China, to paint decentralized currencies like bitcoin bad while piloting for centralized currencies which is the same as in value as the fiat spent in the country.

I do not see anything special about it too, eNaira is centralized and it is pegged 1-to-1 with naira which is depreciative.

The most important thing to remember here is that the e-NGN is not supposed to replace NGN. On the other hand, the Nigerian government is hoping that it will replace Bitcoin and other cryptocurrencies. The government is definitely going to force it's imposition upon the users (if not today, then it is definitely going to happen at some time later). The governments in third world and authoritarian nations have this false thinking that if they force someone to use a particular asset, then they would do that. But what they are forgetting is that times have changed and people are not ready to accept such directives from the government.

The only way the E-naira can get adoption massively is if the nigerian government force an adoption plan on the citizens of Nigeria, If not I don't think it will be adopted, nigerian aren't fools we know how bad the leadership is, at least to the level of not trusting the potential of the E-naira for now, but an excited for one thing the government noticing nigerians are crypto-enthusiast and even after a ban we didn't become any less than we were, so I think the E-naira is the government failed attempt on controlling our enthusiasm in crypto-currency.

The best thing that could happen to the government of Nigeria is to abandon their project now and not suffer the indignity of no one using their coin for anything, even if the adoption of cryptocurrencies has grown all over the world, the majority of the ones using it are still doing so as a reaction to what is happening with the economy, they are using it specifically to avoid using the currencies the government create and issuing yet another centralized currency is not going to make people to flock to it and use it.

Well I had a feeling this wouldn't launch successfully tomorrow been the 1st of October which is also the day Nigeria got her independence. The whole concept of eNaira just came from nowhere without the government actually planning properly. Nigeria isn't ready for a government controlled digital fiat currency, we're yet have a perfect banking system and this banks are operated individual by business men/women yet we want something that'll be controlled by the government which looking at other government initiatives aren't been going great.

Well it just got postponed and no date was given meaning this could be another abandoned project and we're not new to seeing things like this in the country; CBN defers eNaira October 1 launch, gives reason

I feel like this was to be the case with pretty much any place where the crypto or bitcoin is widely used, we saw that china has progressively banned bitcoin and that is to launch their own version of crypto currency and new we are seeing a place like Nigeria where the CB is trying to make their own, and i really think that this is useless because the whole idea of using crypto is to stay away from the control from the banks and governments and using these or accepting them is against that idea.

To be honest Nigeria has a lot of other problems that need solving before people can trust it enough to run a competent cryptocurrency system. There is little need for yet another altcoin and it might be vulnerable to outside manipulation because it does not have the scale to thwart attacks. It would have been much better to simply focus on building a competitive crypto exchange that allowed people to store and withdraw funds, without trying to cash in on a new clone. I have a feeling that this will fade into obscurity, however the original founders will obviously cash out a portion as soon as it is available. Unfortunately the government in this country has a long way to go before it is trusted to manage such a program.

Well this is a new development on itself to the citizens if all things would have been in place, a saying goes and I quote "experience is the perfect teacher" in a bid to this milestone journey of E-Naira, I expect them to have pursuit the experience of digital currency of Cryptocurrency adoption and study how it operate within a time frame of three years at minimum before deciding on how to improve the digital currency by launching E-Naira.

Also the government should have work on setting the economy to stability and put in place strategies to alleviate hunger and poverty which could be one of the means to lessen social vises, much is expected to come along with the launch of the E-Naira as part of the Independence day celebration.




All these are fictions not base on fact, Cryptocurrency had reasonable answers to them all:
1. Cryptocurrency isn't a scam or fraudulent scheme of digital currency, it has reliable exchanges that operate and more secured than Fiat banks

2. Talking about digital Fiat currency, it involve a third party transactions and the charges are much unregulated, while crypto is lesser on transaction fee, faster and it's only a peer to peer exchange with no third party, example is when you go the market and made purchase, you don't need a third party to intermediate between you and the seller, you buy directly.

3. The word regulated in this context is been misinterpreted for tax and exuberant charges, any third party transaction is incomparable to a peer to peer one, a decentralized market has more adge then the government control system of Fiat, where you get to the bank for KYÇ related issues, time delay with excessive charges on transaction operations and services rendered while you can do these all by yourself in Cryptocurrency.

To me I will employ the government to consider adopting Cryptocurrency first along side with the launch of it digital currency (E-Naira) and the citizens will decide the best and convinient choice, the teaming youths where in perplex towards the new launch but it would have been so good if Cryptocurrency adoption goes along with it.

But the central bank is still against crypto right? So I don't see how they're going to be beneficial and popular to the crypto community there, if they're trying to make things right for E-Naira, they need to lift their restrictions or do what China did.

It isn't mere name, actually. It's strategic naming. Come to think of it, there's always something in names. Again, don't see their action as a sabotage. The guys picked up the "eNaira" tag before the FGN. If the government wants it that badly, it should rightly compensate the guys to drop it.

Seriously I believe this is a really nice to us in Nigeria I really commend our leader for this and I believe this will definitely boost the economy of the country. Nigeria is also improving because they are supporting cashless policy and I believe very soon bitcoin will also become a legal tender in Nigeria and will definitely help to grow the economy of the country.

Mr Buhari said this during his televised broadcast on Friday to mark Nigeria’s 61st independence anniversary.
He listed the conditions to include the fact that Twitter must pay attention to national security and cohesion; registration, physical presence and representation in Nigeria; fair taxation; dispute resolution and local content.

The Central bank of Nigeria (CBN) has deferred the official launch of its Digital Currency, the eNaira.

The spokesman of the bank, Mr Osita Nwanisobi, said that the planned unveiling slated for today has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.

No new date has been announced for the launch yet.

Central Bank of Nigeria banned crypto direct bank transactions
The CBN governor says most cryptocurrency transactions are illegitimate
One of the wrong statements about bitcoin again but from Nigerian EFCC Chairman

Especially, the CBN president, all his moves is to make Nigerians not to believe in decentralized currencies like bitcoin all because of the e-naira which is nothing but also naira that is subjected to significant devaluation.

I hope Nigerians will not be misled by someone that banned direct crypto transactions in the country in order to launch e-naira so that Nigerians will prefer e-naira.

E-naira can be good for spending but not for holding, bitcoin is best for holding because naira is highly depreciative

The fall of Nigeria economy with Naira depreciation

Hold bitcoin, e-naira is just naira and it is just best for spending and nothing more, it is completely centralized and privacy-depriving.

I expect them to have pursuit the experience of digital currency of Cryptocurrency adoption and study how it operate within a time frame of three years at minimum before deciding on how to improve the digital currency by launching E-Naira.

Also the government should have work on setting the economy to stability and put in place strategies to alleviate hunger and poverty which could be one of the means to lessen social vises, much is expected to come along with the launch of the E-Naira as part of the Independence day celebration.

It is a mere name.

Seriously I believe this is a really nice to us in Nigeria I really commend our leader for this and I believe this will definitely boost the economy of the country. Nigeria is also improving because they are supporting cashless policy and I believe very soon bitcoin will also become a legal tender in Nigeria and will definitely help to grow the economy of the country.

I feel like this was to be the case with pretty much any place where the crypto or bitcoin is widely used, we saw that china has progressively banned bitcoin and that is to launch their own version of crypto currency and new we are seeing a place like Nigeria where the CB is trying to make their own, and i really think that this is useless because the whole idea of using crypto is to stay away from the control from the banks and governments and using these or accepting them is against that idea.