Topic: E-Naira: CBN to launches Nigeria’s digital currency - page 5. (Read 591 times)

What I see in all this e-naira thing is that it's just another baptismal name for "online banking", nothing else. I ain't even thinking twice about that option at all because contemplating using it is contemplating crossing a railway track blindfolded with moving trains crisscrossing. If the Nigerian government wants Nigerians to trust the module, it should let it run on the blockchain for transparency sake.

It is obvious that anyone that has adopted cryptocurrencies for reasons other than hype will never adopt one of those digital currencies that their governments are emitting, what is the point? We are holding bitcoin precisely because they cannot stop their printing machines and keep introducing more and more of that worthless fiat, why would we want to go back to it and use a digital currency that is even more draconian than regular fiat? They really must believe we are not that smart.

If nigeria's central bank succeeded in launching their CBDC on schedule with the promised features.

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.

The planned october 2021 nigeria CBDC launch date is the month when rumors claim crypto ETFs in the USA could be approved. There's a chance that we could see a flurry of activity in october 2021. If it is true that the taproot expansion to bitcoin core is a type of "game changer".

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.

Still with the same case that Nigeria will remain selfish with its policies. We notice day by day how Nigeria is getting further and further away from cryptocurrency transactions. Well E-Naira is staying up late and forced to be liked by the people. Like it or not, they clearly have no other choice but to follow the policy, because even if they refuse, sanctions are already in sight. There is no freedom for crypto users in Nigeria to have a proper place.

IMO the Nigerian system is part of those that is not ripe for E-currency. This should not be priority for the government at this time but to try and fix the economy. There is high level of poverty in the land that is caused by the government. The government should embark on massive capital intensive project of building factories and industry which will engage the youth and this will grow the country's GDP. Sometimes one wonders the ability of the people in governance and because they are not genuinely elected by the people, they will dance to the lyrics of the installers. E- naira is not the need of the masses at the moment.

just a glance and this seems like a hasty decision from the Nigerian authorities to suppress outside currencies in an effort to keep the money flow inside their borders and eventually, well, ya know, fill their own pockets. I mean, I am not a Nigerian myself, but this is something that smells fishy and goes against the ideals of cryptcurencies and I hope people don't fall for it.

If you are a Nigerian, you would also know that the Nigerian government does not believe in democracy or rule of law; the ban on cryptocurrency transactions and the use of Twitter is an example of this.

Digital currencies are decentralized and puts the power in the hands of the holder, fiat on the other hand can be more easily controlled and manipulated, an E-naira would be much more manipulated as transactions would all be regulated and controlled.
With fiat, you can hold cash and transact if your bank is blocked, but an electronic form would not have physical notes and is 100% controlled.

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.

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.

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.