Topic: E-Naira: CBN to launches Nigeria’s digital currency - page 3. (Read 591 times)
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.
Lol, this has been happening across the world for quite some time now.
Every single government is trying to/going to be try to push their own crypto whilst rejecting the decentralized alternative.
Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.
Right now they are asking nicely, basically they are just offering their own option and promote it as better than bitcoin because it is backed by them, not understanding that we want to get away from them and that is why we are using something they cannot control, now I really think that as the economy gets worse we may see more forceful attempts to get people into those digital currencies and I think we may even see attempts of confiscating our coins. Every single government is trying to/going to be try to push their own crypto whilst rejecting the decentralized alternative.
Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.
Wow, this news seems surprising to me. I thought Nigeria was wary of the whole crypto industry and intended to work out everything to the minor details in their regulations before moving forward. Then again, I see now that there was this article in June about Nigeria possibly launching its own currency to the end of the year, so I must have just missed the news. I really hope that the plan isn't to ban all cryptos and encourage the usage of their centralized currency instead. I'm sure this strategy will not work in a country that often makes it to the top placed on the lists by crypto trading volume.
This will follow the same route as Venezuela... where they declared Bitcoin as legal tender and then the World Bank threatened that they will hold back loans, if they do this. The first world countries get a hold over 3rd world countries with these loans, because this gives them leverage to negotiate for the natural resources in these countries.
E-Naira will be the hype for a few years and then it will slowly go away, as pressure intensifies from 1st world Banks. I am actually surprised that M-PESA still survived after all of these years.
E-Naira will be the hype for a few years and then it will slowly go away, as pressure intensifies from 1st world Banks. I am actually surprised that M-PESA still survived after all of these years.
Enaira is used by the government simply bcoz of the simplicity and with the name.
eNaira is best and perfect name for it imo, but could be a means of extending the date it will be created just as CryptopreneurBrainboss commented. Be it or not, I totally agree with your comment.now we have e-naira but I'm sure the service won't be 100% free,
Not 100% free, but we will know more when it is launched. It's wise not to take these false points from governments too seriously, we all know that government will hate anything that tend to give real freedom back to the people, they always want to be in control of everything and everyone so don't expect the government to say something nice about crypto currency, now we have e-naira but I'm sure the service won't be 100% free, Nigeria government are just trying to milk out from everyone in every possible ways
Are you for real? Is this the legacy you wish to bring your children into? This government have tried effortlessly to make Nigeria great again and you are saying this? Let me reserve my comments. After all, this is your opinion and it's a free world. Enjoy!
It's wise not to take these false points from governments too seriously, we all know that government will hate anything that tend to give real freedom back to the people, they always want to be in control of everything and everyone so don't expect the government to say something nice about crypto currency, now we have e-naira but I'm sure the service won't be 100% free, Nigeria government are just trying to milk out from everyone in every possible ways
This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.
Or why didn't the government carryout proper research before chosing the same name they have previously license out. The government are the ones not been fair here and not the citizens that owned the business name. I have very strong feeling, If this isn't some planned stunt then the government will be winning the case in court and the business owner might lose his name and be forced to choose another business name thereby losing his brand and popularity.
In regards to your second statement, that's unlikely to happen unless Bitcoin was to fail which is also unlikely to happen. There's no difference between Naira and eNaira. It's still been controlled by the same corrupt individuals and the country isn't getting any better soon that you'll think the development coming could help out with the country's economy to strengthen the local currency.
Let's look at this scenario objectively. Firstly, what is the purpose of the government using the name Enaira? Secondly, why sue the government for using part of your name and not your full name?
From my findings, ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500)” has been incorporated since 7th April 2004 registered in class 36 and class 42. . This is different from the phrase Enaira . So if I incorporate a name called DANGOTE GROUP OF COMPANIES, another person cannot use the word GROUP again? That's not fair. NAIRA IS A TRADEMARK FOR NIGERIA. But ENAIRA is not a trademark for ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500). Please note. Enaira is used by the government simply bcoz of the simplicity and with the name.
The second answer would be as a result of greed and sabotage!
legendary
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This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.
Or why didn't the government carryout proper research before chosing the same name they have previously license out. The government are the ones not been fair here and not the citizens that owned the business name. I have very strong feeling, If this isn't some planned stunt then the government will be winning the case in court and the business owner might lose his name and be forced to choose another business name thereby losing his brand and popularity.
In regards to your second statement, that's unlikely to happen unless Bitcoin was to fail which is also unlikely to happen. There's no difference between Naira and eNaira. It's still been controlled by the same corrupt individuals and the country isn't getting any better soon that you'll think the development coming could help out with the country's economy to strengthen the local currency.
Enaira could be better than bitcoin in future. Its only a matter of time.
How? Fiat are deflationary, subjected to devaluation. Naira has been depreciating right from when it was created. Also no privacy which can be offered with the use bitcoin, bitcoin is not centralized but decentralized and not restricted to the currency of a nation but to all. Never dream of what could not happen.Why would people holding public office would not just make appropriate research before taking anything to media, all to just mislead Nigerians for their upcoming e-naira next month while the value of naira has been depreciating right from its creation. €1 was equals to ₦2 when naira was created on 1 January 1973, but the value has been devaluing so far till this present time, now 1$ is equals to 410, €1 is now ₦567.50.
Yet, US dollar was devalued too, but naira was more and more devalued. Naira is eNaira only that naira is fiat while eNaira is CBDC, but of the same price.
As expected, there has been some twist, the government are getting sues and this might delay the launching of the e-naira on October 1st which is just few days ahead. This recent development got me wondering whether the government didn't do their due diligence before choosing the name eNaira or all this was just a plan to delay the project when it's about launching. Why is the lawsuit coming now and not earlier, could this be some excuse technique to not launch the project.
Quote from: eNaira: Firm sues CBN over ‘trademark infringement’
https://www.thecable.ng/enaira-firm-sues-cbn-over-trademark-infringement
https://www.thecable.ng/enaira-firm-sues-cbn-over-trademark-infringement
ENaira Payment Solutions Limited, a company, has instituted a suit before a federal high court against the Central Bank of Nigeria over the name “eNaira.”
The firm, through its lawyers, accused the CBN of trademark infringement.
This is according to a document issued by Olakunle Agbebi & Co, solicitors to ENAIRA Payment Solutions Limited, notifying the CBN to desist from using the proposed name.
The firm, through its lawyers, accused the CBN of trademark infringement.
This is according to a document issued by Olakunle Agbebi & Co, solicitors to ENAIRA Payment Solutions Limited, notifying the CBN to desist from using the proposed name.
This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
As expected, there has been some twist, the government are getting sues and this might delay the launching of the e-naira on October 1st which is just few days ahead. This recent development got me wondering whether the government didn't do their due diligence before choosing the name eNaira or all this was just a plan to delay the project when it's about launching. Why is the lawsuit coming now and not earlier, could this be some excuse technique to not launch the project.
Quote from: eNaira: Firm sues CBN over ‘trademark infringement’
https://www.thecable.ng/enaira-firm-sues-cbn-over-trademark-infringement
https://www.thecable.ng/enaira-firm-sues-cbn-over-trademark-infringement
ENaira Payment Solutions Limited, a company, has instituted a suit before a federal high court against the Central Bank of Nigeria over the name “eNaira.”
The firm, through its lawyers, accused the CBN of trademark infringement.
This is according to a document issued by Olakunle Agbebi & Co, solicitors to ENAIRA Payment Solutions Limited, notifying the CBN to desist from using the proposed name.
The firm, through its lawyers, accused the CBN of trademark infringement.
This is according to a document issued by Olakunle Agbebi & Co, solicitors to ENAIRA Payment Solutions Limited, notifying the CBN to desist from using the proposed name.
CBN is run by the government. So what is the difference? From what I understood, there was a banking ban imposed by the CBN.
Some people were panic at the time while only few knew that CBN can not do more than making direct bank-crypto transactions to be illegal, CBN have no power to ban cryptocurrencies in a nation, the legislative arm are the ones that is capable while some people do not know how this is. The CBN president had to later have to take to media that people can use cryptocurrencies that only direct bank transactions from crypto companies were banned. Yes, exactly like what happened in India, just like you explained. There are organizations that are openly declearing that they accept cryptocurrencies in Nigeria while some even are advertising it on TV channels in Nigeria.
Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.
I think it's going to affect bitcoin, didn't China made an example already, they've banned crypto mining and transactions already so they can make way for their own cryptocurrency or should I say digital currency. They can force people adoption, China has done this with electric cars, they're making it difficult for other people that don't have electric cars to register theirs compared to someone with an electric car that only takes a day or two to be registered. 
Nigeria did not ban cryptocurrencies, CBN did. CBN also created e-naira, so likely the reason.
CBN is run by the government. So what is the difference? From what I understood, there was a banking ban imposed by the CBN. Bank accounts can't be used to buy or sell cryptocurrency (which was removed later). The possession of cryptocurrency, or trading it for physical cash or some other crypto was never made illegal in Nigeria. The situation is similar to what we had in India from 2018 to 2020. Back then the central bank, Reserve Bank of India (RBI) had imposed a banking ban on cryptocurrency transactions. It was struck down by the supreme court in 2020.
Didn't they start to block all bank accounts of users that had dealt or has a transaction associated with crypto currencies?
CBN didAnd is this why Nigeria started to ban bitcoin transactions?
Nigeria did not ban cryptocurrencies, CBN did. CBN also created e-naira, so likely the reason. Is E-Naira actually going to be a crypto currency?
Yes, but a CBDC, not decentralized, highly centralized and require KYC. 
I have heard how Nigeria started to put a ban on crypto currency transactions. Didn't they start to block all bank accounts of users that had dealt or has a transaction associated with crypto currencies? And is this why Nigeria started to ban bitcoin transactions? Just like what China is doing. Bring their own currency. Start banning their competitors.
Sad to see that to be honest. Is E-Naira actually going to be a crypto currency?
Sad to see that to be honest. Is E-Naira actually going to be a crypto currency?
Lol, this has been happening across the world for quite some time now.
Every single government is trying to/going to be try to push their own crypto whilst rejecting the decentralized alternative.
Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.
Every single government is trying to/going to be try to push their own crypto whilst rejecting the decentralized alternative.
Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.
In a bid to mark the Independence day with the lauch of the E-Naira digital currency eNaira website goes live, displays CBN digital currency features With all indications, the E-Naira talk is becoming a reality, but the question in place still remains "will E-Naira launch be a game changer to the country's economy system".
That can be seen in the next coming months or years. Hard to speculate this early as you have no idea about their citizens' approach on this matter. Will it be easy on them in accepting this digital currency? The adoption may take time but we will see if there will be an impact maybe at least after 6 months of implementation. The world is going digital these days, so this may help them in adopting a digital market.
In a bid to mark the Independence day with the lauch of the E-Naira digital currency eNaira website goes live, displays CBN digital currency features With all indications, the E-Naira talk is becoming a reality, but the question in place still remains "will E-Naira launch be a game changer to the country's economy system".
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