E-Naira: CBN to launches Nigeria’s digital currency - page 4.

CryptopreneurBrainboss

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Quote from: Charles-Tim on September 28, 2021, 03:18:26 PM

People like the CBN president and EFCC chairman are painting bitcoin bad because of the e-naira pilot which is set to be on Oct 1, but I do not think it will get to the extent people will be forced not to use bitcoin and other decentralized currencies like in China.

Aren't the citizens been forced not to buy foreign currency already, don't underestimate the length the government will go to make their little project a success. All their decision of recent has been something we couldn't have taught the government could do. As an enthusiast I'm not wishing bad for the cryptocurency industry in the country but not been optimistic as well because the words of the governments can't be held accountable. They can just switch off especially if the e-naira fails.

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I can be wrong, but just based on what I have been reading from news and what I think would likely happen.

I hope to be wrong as well because what I foresee coming will be a disaster, Nigerian isn't china but we can turn to one in the nearest future if things aren't corrected now. We already have alliances, who knows what they're teaching our government not forgetting we're in debt to them. We banned importation of some goods last year, they added restrictions on social media and also crackdown on foreign currency, who knows what next...

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Quote from: CryptopreneurBrainboss on September 28, 2021, 02:55:32 PM

They're already developing a plans to force everyone into using their fake Bitcoin and painting Bitcoin bad will be a part of their plans.

People like the CBN president and EFCC chairman are painting bitcoin bad because of the e-naira pilot which is set to be on Oct 1, but I do not think it will get to the extent people will be forced not to use bitcoin and other decentralized currencies like in China.

Quote from: CryptopreneurBrainboss on September 28, 2021, 02:55:32 PM

We should be expecting strong crackdown on Bitcoin and cryptocurency activities general in the near future because it's coming. The did it with banning twitter you think others will be any challenge.

Many bodies including governmental bodies in Nigeria want cryptocurrencies to be regulated even including the SEC unlike the CBN. If cryptocurrencies will be regulated, the government will support it including the Central Bank of Nigeria. This remains to the legislative arm of government in the country. Nigeria is not like China to some extent, China do not like decentralization and what are coming from outside of their country. What I see is either the CBN will continue to mislead Nigeria in a way the government will not be able benefit the benefit it should be enjoying from Nigeria crypto users, or cryptocurrencies will later be regulated in Nigeria. I can be wrong, but just based on what I have been reading from news and what I think would likely happen.

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Quote from: Hydrogen on September 23, 2021, 12:44:43 PM

There's a chance there will be no launch of a nigerian CBDC at all as venezuela did with their promised CBDC the petro.

I was hoping on that as well because our manual banking system has yet to be perfected and now the government want to go digital when the local digital banks transactions are always experiencing some discomfort. Irrespective of all the reason why this initiative of theirs won't work, seems the government are convince it will work because they're seriously preparing;

Quote from: CryptopreneurBrainboss on September 27, 2021, 03:01:47 PM

NEW TOPIC: Nigeria's eNaira Platform Records One Million Hits Ahead Of October Launch

Quote from: Nathrixxx on September 23, 2021, 04:08:38 AM

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,

You speak as if you're not from this region and don't know how things are done here. We're yet to decide who'll lead us as the election aren't always fair and yet you think the government will give you such choice. They're already developing a plans to force everyone into using their fake Bitcoin and painting Bitcoin bad will be a part of their plans.

We should be expecting strong crackdown on Bitcoin and cryptocurency activities general in the near future because it's coming. The did it with banning twitter you think others will be any challenge.

Anguwa

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The Nigerian Economic situation is somehow not stable, lunching E Naira might give legalization and proper trading partern to Nigerian citizens. The presence of E Naira might make things easy for Nigerians that are really interested in cryptocurrencies to feel a bit free as the government restriction over cryptocurrency might have less pressure and there will legalization of cryptocurrency.

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The Central Bank of Nigeria (CBN) announced that it will introduce the country's official digital currency. More than a month later, the apex bank has released an update on e- recently sent a presentation to a Nigerian bank on the e-Naira project, revealing more details about its design and operational modules. The presentation explains how the new currency will be designed and operated.

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Quote from: Bollexz1 on September 26, 2021, 04:43:00 PM

The E-naira is just a pro version to Naira (Fiat Currency). I can bet they got no idea on how the blockchain works.

They don't need to. They will just outsource the job to someone who is more competent. For the governments around the world, CBDC represents an unique opportunity to print money out of thin air. And the best part is that there are no expenses involved with this step. If they want to print fiat currency, then there are costs involved, in the form of printing. But here, all they need to do is to write a few lines of code. I am OK with all this, as long as they don't force us to abandon cryptocurrency. But in case the Nigerian government follow what China did (banning crypto, in order to promote the e-CNY), then it is going to be bad.

Bollexz1

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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's all a lie. They put a stop to Bitcoin and other crypto transactions back in February basically because they realized lot of people had deviated from keeping their hard earned money in the banks,so they don't get to make money from customers saved money like they used to.

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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.

The E-naira is just a pro version to Naira (Fiat Currency). I can bet they got no idea on how the blockchain works.

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Quote from: Anonylz on September 23, 2021, 06:10:29 AM

There is no need to pay attention to what this government says about crypto because it is clear what their intentions are, they are trying so hard to discredit btc - crypto in general and at the same time introduce their digital currency to the people, I guess the future will determine which digital currency the people will accept and which to ignore as long as the didn't result to forcing it on their citizens.

My thoughts about it also is that as a nigerian I have come to never believe in the politics of government, especially that of my country, so about the CBN and their digital asset all this are politics and I don't care about politicians playing their dirty games, a country that has an issue with crypto-currency now trying to create a digital asset is a bold political game, when their first attack on Crypto-currency with a ban didn't do much now they want to infiltrate the crypto-currency world, but it's to bad crypto-currency is not a game for politicians.

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Quote from: dezoel on September 24, 2021, 04:04:05 PM

Very funny, same Nigerian government that banned cryptocurrency and called it a scam are now trying to create their own digital currency? It would be best for the citizens not to ever accept that crap they are about to dish out, because that digital currency will be useless. If these governments had any good reasoning at all, they would focus more on fixing the economy of the country and reducing the rate of poverty in the country.

This is not a time for them to be talking about digital currency, having a digital currency is not going to bring a solution to the problems in the country, rather it will be another avenue for the corrupt leaders of the country to even launder more money. And moreover the Nigerian government has shown that they have no clue on how to run a digital currency by having no understanding of what cryptocurrency is all about. So Nigerians should say no to this E-Naira the same way that their government said no to Bitcoin.

It may seem ironic but it is not, they are making use of the proverb, ‘if you cannot beat them join them’ however instead of accepting bitcoin and other cryptocurrencies as the proverb would imply what they are going is to try to deceive people into accepting their useless cryptocurrency, do I think that some people will fall for this? Yes, but I do not think the majority will as they know that bitcoin is not controlled by any state and that is exactly what they are looking for.

Vishnu.Reang

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Quote from: amishmanish on September 26, 2021, 06:53:46 AM

The electronic versions of Fiat money are useful to banking providers as they can afford to reduce their service costs for ATM transfers etc. Digital money also makes it simpler to track transactions by the middle class. Its a non-brainer that the entry barrier to anything digital is quite high as it needs a certain degree of comfort with technology, which everybody may not have. This is why it always surprises me when countries actively try to push CBDCs.

They are utterly useless for a developing country with huge population like Nigeria. A lot of times these are pet projects of politicians/ officials who want to appear as tech-savvy and doing something "digital". One thing that may happen is that exchanges like Binance can start supporting this electronic version. It'd be straight forward for the governments to then keep a tab on the people trading through these exchanges. Every government has a structure similar to IRS which wants to maximize tax returns. These officials can use the information to actually pin-point users who are into cryptocurrencies.

We already have "electronic version of the fiat money" in the form of PayPal and other online payment mediums. So what is the need for CBDC? Fiat already exist in digital/electronic form (although not in crypto format). I don't see any advantage for the CBDCs over already existing digital forms of fiat currency. And even the potential userbase is likely to make up of those who are using electronic fiat formats like PayPal. The governments are hoping that CBDCs will replace cryptocurrencies, but we all know that it is never going to happen.

amishmanish

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The electronic versions of Fiat money are useful to banking providers as they can afford to reduce their service costs for ATM transfers etc. Digital money also makes it simpler to track transactions by the middle class. Its a non-brainer that the entry barrier to anything digital is quite high as it needs a certain degree of comfort with technology, which everybody may not have. This is why it always surprises me when countries actively try to push CBDCs.

They are utterly useless for a developing country with huge population like Nigeria. A lot of times these are pet projects of politicians/ officials who want to appear as tech-savvy and doing something "digital". One thing that may happen is that exchanges like Binance can start supporting this electronic version. It'd be straight forward for the governments to then keep a tab on the people trading through these exchanges. Every government has a structure similar to IRS which wants to maximize tax returns. These officials can use the information to actually pin-point users who are into cryptocurrencies.

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Centrally issued currencies, whether these come from a stable and democratic government or from other type, are not what we really understand as crypto, but rather a digital currency that has more or less the same properties as cash, with a bit of faster and more convenient payments. Just imagine if any government promised on a credible manner that they will not issue more money as per their political convenience... that would be crypto.

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Quote from: verita1 on September 24, 2021, 06:48:15 PM

If the Nigerian government included bitcoin and cryptocurrencies it would be a good endorsement. In this case we know that the e-naira is the absolute control in Nigeria by the power of its rulers. But I can see it positive on the one hand because I know how people suffer, for example, when making a payment, sending money, etc. It is in an infrastructure that does not work and the worst in a country where there is exclusion.

I live in Venezuela and we sometimes suffer from many problems when making payments and sending money because there are failures in the state bank where the majority of Venezuelans use it, there is a power failure and internet sometimes which causes delays and waste of time.

There are two opposing approaches being made to cryptocurrency by the global governments. Countries like El Salvador are encouraging its usage and are benefitting from it (if not now, then in the future). On the other hand we have authoritarian regimes such as those in China, India and Nigeria, who think that they can prohibit ordinary people from using Bitcoin. Now I don't know which camp will emerge successful in the end. The stance from those who are in between matters a lot (i.e United States, Japan.etc).

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If the Nigerian government included bitcoin and cryptocurrencies it would be a good endorsement. In this case we know that the e-naira is the absolute control in Nigeria by the power of its rulers. But I can see it positive on the one hand because I know how people suffer, for example, when making a payment, sending money, etc. It is in an infrastructure that does not work and the worst in a country where there is exclusion.

I live in Venezuela and we sometimes suffer from many problems when making payments and sending money because there are failures in the state bank where the majority of Venezuelans use it, there is a power failure and internet sometimes which causes delays and waste of time.

dezoel

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Very funny, same Nigerian government that banned cryptocurrency and called it a scam are now trying to create their own digital currency? It would be best for the citizens not to ever accept that crap they are about to dish out, because that digital currency will be useless. If these governments had any good reasoning at all, they would focus more on fixing the economy of the country and reducing the rate of poverty in the country.

This is not a time for them to be talking about digital currency, having a digital currency is not going to bring a solution to the problems in the country, rather it will be another avenue for the corrupt leaders of the country to even launder more money. And moreover the Nigerian government has shown that they have no clue on how to run a digital currency by having no understanding of what cryptocurrency is all about. So Nigerians should say no to this E-Naira the same way that their government said no to Bitcoin.

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Quote from: Hydrogen on September 23, 2021, 12:44:43 PM

I might assume they *borrowed* open source code from a successful cryptocurrency project and forked it to suit their needs. It would be a fork of litecoin or another existing alt coin and not a true CBDC at all. There's a chance there will be no launch of a nigerian CBDC at all as venezuela did with their promised CBDC the petro.

They have selected a company for this so they will have a full new product delivered, besides it would make no sense for CDBC to have any mining or distribution involved, nor it would require open nodes and any kind of delay between blocks since there will be completely centralized, no orphan blocks, no Cybill attacks no 51%, in some ways it will be afar more simple currency than any known crypto.

Venezuela, that as a joke and a way to grab some funds from the people who believed they were really investing in something.

Quote from: haidil on September 24, 2021, 10:57:22 AM

Difficult access and limited internet systems can also prevent E-Naira from being mass adopted on a significant scale. I think this obstacle is quite difficult to overcome in a short time.

Those are problems every cryptocurrency would face, even bitcoin, but that is a hurdle that can be easily overcome within a decade.

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Are you referring to the same government that ban crypto currency and warning her citizens not to have anything to do with crypto currency? I believe what they are saying is just a political talk as it doesn't hold water and at the same time, they don't even have the capacity to implement what they are clamoring for at the end of the day.

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Quote from: Rruchi man on September 23, 2021, 12:35:59 PM

There's really no need to stress much about these kind of news about Nigeria, our country is not mature enough to handle something as the "E-naira". Some people in the rural areas and some urban areas are still struggling to come to terms with the regular USSD mobile code, talk less of the "E-naira" which will definitely be operational through an application. Regular Banking network and systems are not even 100% yet, somedays the whole banking system is very disappointing.

I hope they have plans on how to make this E-naira sustainable, because i don't think it will survive.

Interesting, because as you mentioned, referring to the countryside in this Nigerian country may indeed be quite difficult to evenly distribute. Difficult access and limited internet systems can also prevent E-Naira from being mass adopted on a significant scale. I think this obstacle is quite difficult to overcome in a short time.

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Interesting. I will keep an eye on how events unfold and what our fellow Nigerians on the forum say, there are some who are very active. This can be a guide for us to see what may happen when other currencies like the digital euro and dollar are launched. What seems clear is that Bitcoin and cryptos have no way back. From the moment people start using a similar currency issued by their government, they will no longer see Bitcoin as something so strange, linked to frauds etc.

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OK.. so now CBDCs represent another option for the government to create unlimited amounts of fiat currency out of thin air. And do you know the best part about them? They don't even need to spend money on paper and ink. This is like the ideal situation for governments all around the world. And then next step will be the prohibition of proper cryptocurrencies, similar to the way China did. If real cryptocurrencies are in circulation, then obviously these CBDC shitcoins won't be able to compete against them.

Topic: E-Naira: CBN to launches Nigeria’s digital currency - page 4. (Read 604 times)