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.