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Topic: E-Naira: CBN to launches Nigeria’s digital currency - page 2. (Read 591 times)

legendary
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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.

Until the early 20th century, we actually had the gold standard (silver standard in some of the smaller countries). So the usage of gold/silver continued all the way up to that. This was removed in mid-20th century, as the governments started complaining about deflation. But what actually happened is that it enabled the governments to print unlimited amount of money, without any control and this resulted in massive inflation. And with every passing year, this issue seems to be getting worse.
legendary
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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!

I doubt if any country will be launching a decentralized currency, all will be centralized so they can still have control over the finance of their citizens as that's the only way they can control them. Money rules the world, therefore if you can control people money, you control them. The government knows this which is why they're against Bitcoin in the first place.

Even the government accepting bitcoin as a legal tender are doing so in the most centralized way possible which is why they're recommending their wallet be used and even if Nigeria was to accept a decentralized project as Bitcoin, thet would be done too in the most centralized ways as possible.
hero member
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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.
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.
I dont really see these digital currencies made out by Countries which is just basically the same with fiat in terms of functionality and a overall characteristics and thats why im aint surprised that countries would really make out  such decisions on making one.

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!
legendary
Activity: 2534
Merit: 1338
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 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.
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 with 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.
legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
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 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.
hero member
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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.
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.
legendary
Activity: 2534
Merit: 1338
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
Quote
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.
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.
member
Activity: 840
Merit: 23
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.
Crypto currency could either be Centralized or decentralized depending on the creators motive my own problem with the CBN is that the placed a ban on Bitcoin just has china did but launching their e-naira with economic crisis surrounding the nations economy is a very wrong timing. First they should establish some level of economic stability then go ahead with their launching if not in not too long the system would crash
legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
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.

They could have just followed the example set by El Salvador. Millions of Nigerians are working as expats abroad, and they face crippling commissions while sending remittance payments back home (5% to 15% of the total amount). If the government think that they'll just use e-NGN all of a sudden, then they're mistaken. Despite hard push by the Chinese government, the e-CNY (CBDC from China) is yet to make any progress on its goal of replacing Bitcoin. And the Nigerian government can't even afford to take the steps which are taken by the Chinese dictatorship, which dims the prospects of e-NGN even further.
legendary
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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.

The Central Bank of Nigeria (CBN) will launch a digital currency, e-Naira in October to coincide with the nation’s independence anniversary.


The apex bank chief urged Nigerians to embrace the e-Naira and explained it is safer than cryptocurrencies.

Digital currency is the electronic form of fiat money issued by governments.

he central bank of a country supervises digital currency. Cryptocurrencies are not regulated by any government, reason why authorities warn against bitcoin, ethereum and the likes.

The e-Naira would only exist in digital and electronic form. Individuals and financial institutions can track transactions easier.

e-Naira local and international transfers can be made within a little time and at cheaper rates. It simplifies cross-border trade and guarantees a faster inflow of remittances.

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.


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.
legendary
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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.
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.
legendary
Activity: 2338
Merit: 1124
It is a mere name.
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.
I do believe that it is just a name. They could just change it to D-Naira as in digital instead of E and they would be fine. Is that taken as well? Do it I from the Internet-Naira, and there are other chances as well if you are creative enough, these were the ones that I found as alternative and I just thought about it for like 1 minute and came up with these, think of how much you can come up with if you are doing it as a job. All in all they should not be doing it if there is any problems or companies that they would have a problem with.

I am not saying that names are unimportant, of course they are important because of branding reasons but e-naira is not the only branding that they could find, they could definitely find something that would be proper for them as well. At the end of the day I would assume that they could do something that would be profitable and good in marketing and also wouldn't be owned by some other company all at the same time.
full member
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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.
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.
full member
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Well on a contrary occasion, the government also have given the conditions to lift the lingering ban placed on Twitter if 5 conditions given were meant. Twitter must meet the Nigerian government’s five conditions before the suspension of the social media platform will be lifted.
Quote
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.

At this point in time, i think the country state of focus is unanimously jeopardize by it leadership, the proper and adequate preparation needed for implementation of any policy or step of action before publicying it to the general public isn't in place, i thought maybe there would have been a light shed upon the Cryptocurrency ban along with the proported launch oE-Nairaf and effect the lift of ban placed on Twitter rather than stating terms and conditions.

Its an independence day celebration in Nigeria while the citizens were living dependently under the authorization of the rulership government instead of leadership.

 
legendary
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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
Quote
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.
hero member
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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 laughed when I read the news. The country's Central Bank Governor lately has been on the news for all the wrong reasons, plunging the country's economy into recession and being out of touch with the harsh economic realities. Since the E-naira does not improve the economic standards of her citizenry and only serves as a store of value which is no different from the paper Naira, I don't recommend it. On the other hand I see it as a precursor to the unbanning and legalizing of bitcoin in no time.
legendary
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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.
I would say that the Nigerian government shouldn’t have rushed to place a ban on cryptocurrency, they should have just let it be and allow it to grow. There were already companies like Binance that were coming in there and they would have been of help to the country and helped in making some improvements in the country, because they would impact the economy in some ways.

And if they allowed the cryptocurrency market to grow there, they could as well benefited from it since exchanges will be paying taxes and all that, and they might as well regulate the market.
legendary
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It is a mere name.
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.
I don't understand your argument. How are these things you tried to yolk together here going to be possible? No country runs her conomy on sentiments. World economies are run on facts and figures. What you just did here is pure sentiment to show support to the country as against tenable facts on ground. How is Nigeria improving economically when we're badly battered in that aspect with inflation flying out of control like breeze? How is the country supporting cashless society when in the real sense the queues and stress at every bank's ATM points are excruciatingly annoying. How? Please, throw light on this.
legendary
Activity: 3346
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Leading Crypto Sports Betting & Casino Platform
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.

Most of the countries that have placed restrictions against Bitcoin are those with manipulated economies. China is having a problem wit Bitcoin, because it poses a challenge to their heavily manipulated national currency (CNY). The case with Nigeria is not very different. But at the same time, countries with proper economies have tried to legalize and regulate the cryptocurrency market. Japan was perhaps the first country to do so, followed by many of the European Union countries and the United States.
sr. member
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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.
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