eNaira launched in Nigeria as a digital currency

harapan

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Quote from: so98nn on October 26, 2021, 07:07:13 AM

I have like very very big confusion about the whole thing these countries are doing now and then. Many countries are thinking of and some of them like China, Russia, and now Nigeria are trying to create their own digital currency.

The big question is why now? What changed suddenly which is making them do these acts?
I can only think of one reason and that’s peeps going from Fiat system to crypto system because they love the freedom that the crypto is giving. Okay, whatever that reason is that was out of many facts and pros over the traditional Fiat system.

They don’t understand peeps won’t switch to national digital coins because at the end they are nothing but regulated coins and more or less they are Fiat only.

Anyways, congrats to Nigeria upon stepping forward for this.

They're not even closed to achieving this new implementations,what's the purpose of thus eNaira in the first place,or It's true that they like and admire bitcoin as a digital currency but they want the one the currency that will be managed and supervised all by themselves.This eNaira is entirely managed by the CBN;the idea of it been backed by the CBN is totally...is this really going to improve financial services.
The Central Bank of Nigeria (CBN) on Monday, 25 October 2021 launched the digital currency – eNaira, making it the fifth digital currency to be launched in the world and the first in Africa,however,its innovation and creation has been silent for some time now and we haven't seen yet any progress to accomplish this great task.

Reatim

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So basically fiat money but digital?

A lot of concerns might be brought up because if the government is technically still controlling the said coin then is it still really an altcoin? Coins are mostly decentralized and that core feature I believe must be upheld even by developers.

MusaMohamed

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Quote from: Mpamaegbu on November 09, 2021, 02:08:57 PM

Right from the start, my skepticism for the eNaira project has known no bounds. My reasons are legion but let me just state two here. The first being that I don't trust the Nigeria politicians to do the right thing. This could be another way to siphon the country.

Secondly, except all transactions with the eNaira will be on the blockchain, it doesn't make sense as the system will also be corrupted like every other thing Nigerian politicians touch. I won't ever touch anything that calls itself cryptocurrency that can't be traced on the blockchain.

eNaira can help Nigerian government to trace their citizens' money flows more easily.

eNaira will perform digitally and government, not only Nigerian government but any nation and government use CBDC, will be able to do the same, make their money printing more easily.

A digitalized or blockchanized version of fiat currency can not solve inflation because inflation comes from many factors in a country. Only a different version of technology used to create and govern fiat currency can not help to solve inflationary problem.

Maus0728

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What I can see in this is story is the same thing as Digital Yuan and any other electronic cash that's developed by the government, they're not going to be more valuable than what the government allows them to be, they're akin to just having your own fiat but it's in digital form, this is just another form of control for the government so the people don't have to invest in any other cryptocurrency out there, don't let the smiles of the people that have created and approved of this, CBDC is never going to be successful, governments have tried to do that before and they've never been faced with any success, just stick to bitcoin.

VanKushFamily.com

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The Currency says it uses that same Blockchain Tech as Bitcoin, does anyone know how to Mine this Currency. Zimbabwe is about to Launch One now too.

Mpamaegbu

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Right from the start, my skepticism for the eNaira project has known no bounds. My reasons are legion but let me just state two here. The first being that I don't trust the Nigeria politicians to do the right thing. This could be another way to siphon the country.

Secondly, except all transactions with the eNaira will be on the blockchain, it doesn't make sense as the system will also be corrupted like every other thing Nigerian politicians touch. I won't ever touch anything that calls itself cryptocurrency that can't be traced on the blockchain.

jaberwock

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Quote from: worle1bm on November 08, 2021, 12:25:45 AM

Just imagine you are having digital cash stored on your phone and you get some tokens with the same amount to spend but nothing new and any new law passed by government will make changes to it and even they can restrict you from making any transactions at all so what's the fun of them?

Yeah, that was the same thought that crossed my mind when I saw this news about the Nigerian government launching the E-Naira as their own central bank digital currency. After the protest that was held by Nigerian citizens in the year 2020, their government realized how strong the bitcoin network can be and what people will be able to achieve with it, that’s why they quickly rushed to ban Bitcoin from the country and then released their own CBDC, which to me, is completely useless.

Bitcoin gives freedom to the people to do whatever they want to do, but a cryptocurrency that is controlled by the government is not going to give that same freedom to the people. They (government) can even decide to shut down your wallet/account at any time. So, it’s a double NO for me.

GeorgeJohn

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Quote from: odolvlobo on October 25, 2021, 06:01:04 PM

I'm curious about the differences between a "digital" currency and a non-"digital" currency. It appears to me that the digital currency is different only in that it bypasses banks -- you have an account at the central bank and the payment system is run by the central bank.

let us be realistic, because it's very obvious that non digital currencies is such a currency that operate manually or been centralized and control by a specific sector, which we actually made mention of bank ( regulator's ) as one, so when emphasising on digital currency, this totally different from non digital currency, because digital currency is made electronic method of money with another dimension, but both are money but in different varieties.

Sithara007

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Some of the third world governments are thinking that their CBDC shitcoins will be able to replace cryptocurrencies such as Bitcoin and Ethereum. I have to say that they are living in a fool's paradise. At the most, these CBDCs will replace digital versions of fiat, especially in domains such as freelancing and remittance payments. Cryptocurrencies are in use because they offer anonymity and protection against inflation, something which the CBDCs can't offer. So no matter how hard the governments try, they won't be successful.

worle1bm

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Quote from: Bitcoin_Arena on October 25, 2021, 06:14:47 PM

Quote from: odolvlobo on October 25, 2021, 06:01:04 PM

I'm curious about the differences between a "digital" currency and a non-"digital" currency.

As far as I know, there is no big difference at all except that the "digital" currency will be the very same old centralized fiat currency prone to inflation but in code. Nothing special.
It's akin to making transfers and online payments using USD but through services like Paypal, Webmoney, Skrill etc
People will still face exorbitant fee and exchange rate hurdles, No complete control of funds in digital wallets, No store of value, No privacy etc

This is not even close to the purpose of cryptocurrencies, especially Bitcoin

Bitcoin is decentralised crypto but all these center owned crypto have nothing in similar with them and will not succeed in creating something like that.Just imagine you are having digital cash stored on your phone and you get some tokens with the same amount to spend but nothing new and any new law passed by government will make changes to it and even they can restrict you from making any transactions at all so what's the fun of them? The government coming up with this cannot hinder the growth of bitcoin at any cost.

Rruchi man

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Quote from: Hispo on October 31, 2021, 09:00:09 PM

They have tried to stop Bitcoin because they are too stubborn to realize that Bitcoin it is not the problem, but the solution (that people adopted) to the problems they provoked while failing to the Nigerian people.

eNaira sounds interesting enough as a project, but in the hands of the same politicians and bankers that caused the problem in the first place, this new initiative will do nothing but repeat the history and make people to realize that Bitcoin is a lifesaving asset in a sea or corruption and centralized inefficiency.

I'm a part of those who have always said that through the introduction of enaira, many other Nigerians who have not heard about bitcoin and crypto will now do, because this enaira will always be in comparison with bitcoins and cryptocurrency, and then the more comparison is drawn, the more people will want to know about bitcoins and cryptocurrency. Still great news for the bitcoin community.

lovesmayfamilis

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A good Nigerian for bitcoin investing is failing to use it properly so they are launching their own currency eNaira in an attempt to stop it this makes it easier for them to use their own currency. Nigeria the largest economy in africa has launched the e-Naira the first digital currency on the african continent nigeria is one of the few countries in the world to have introduced an electronic money system. Leaders hope that will help increase the country's gross domestic product and fight inflation.

You should probably add the source of the sentence you copied and paraphrased. Don't you think so? For example, how it is done here. Otherwise, your post looks like ordinary copying, which will soon lead you to a ban on the forum.

Hispo

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People from Nigeria welcomed Bitcoin due to the reckless choices in economical issues by their so called leaders that led to the downfall of their currency.

They have tried to stop Bitcoin because they are too stubborn to realize that Bitcoin it is not the problem, but the solution (that people adopted) to the problems they provoked while failing to the Nigerian people.

eNaira sounds interesting enough as a project, but in the hands of the same politicians and bankers that caused the problem in the first place, this new initiative will do nothing but repeat the history and make people to realize that Bitcoin is a lifesaving asset in a sea or corruption and centralized inefficiency. Greetings from Venezuela to all the Nigerian users.

Down with tyranny.

Fortify

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Quote from: GeorgeJohn on October 25, 2021, 05:13:16 PM

The development of cryptocurrency especially bitcoin keep on circulating as a moving train, some countries are using methods to initiate their personal coin, because i could remember vividly that some countries restricted the adoption of cryptocurrency especially bitcoin in her country, which Nigeria was one of it, but currently the above mentioned country have directly develop her own coin named eNaira digital currency with the collaboration of their central bank governor and Central Bank of Nigeria (CBN) this eNaira has be launched and the reason will be view here through the source link. https://www.premiumtimesng.com/news/top-news/491623-why-i-approved-cbns-plan-to-launch-enaira-buhari.html president receiving eNaira digital currency

Having a country digital currency is absolutely good, but the challenge is that can the country regulates her currency well, and what's the objectives of developing a country digital currency.

I cannot help but wonder if this currency has been doomed from the beginning, as politicians in every country love to enrich themselves first and foremost. Are there any "founders" amounts that are portioned to wallets under the control of certain government officials? Can this currency be manipulated at will, if they want to devalue it or simply create extra money out of thin air? With all the existing cryptocurrencies out there which have much larger support bases and less chance of funny business, it does seem like a wasted effort and maybe unnecessary use of Nigerian resources to try replicating it into a country specific currency. Does it have any use outside of Nigeria or is it simply meant to be used internally? Worldwide adoption is what really gets these coins going.

dezoel

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It is not just about having a digital currency, can the country be able to keep the currency moving strong and having a better value? What I don’t really like about central bank digital currencies is the fact that it is the same thing with the Fiat we’re making use of. If a country should release a central bank digital currency, then it is the same thing as making use of their Fiat so I don’t really see the difference between the digital currency that they are releasing and the Fiat that is already being used.

Moreover there are now lots of electronic means that Fiat can be used, such as PayPal and the rest of them. So, it would have been best for this countries to just legalize cryptocurrency such as Bitcoin, why fiat just continues as it is.

kryptqnick

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I don't understand what's the big announcement, really. From what I've read, it's a digital representation of their fiat currency, but on blockchain. But so many things remain unclear... For example, if a person has a bank account and uses a debit card to pay for things in Nigeria, is this person using Naira or eNaira? What I'm asking is do banks somehow switch their clients to eNaira or is it to be obtained by individuals and companies in their own ways and to be stored only in special wallets? I think it'll make matters confusing because it's basically Naira and functions as such, but it's on blockchain... I also wonder which steps Nigeria's planning to take with decentralized cryptos now: will they try to 'sell' CBDC as a 'better' crypto while banning the real ones, or will they create a regulatory framework for cryptos, as they allegedly planned to do?

Sirait

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Quote from: Bitbtc8 on October 26, 2021, 03:33:22 AM

The choices still stands, users will have to choose between e-naira or fiat currency which makes the whole idea 'same old' thing, I don't expect any kind of better improvement with this news, same FIAT same Stable currency, thanks to volatility coins people are making money each and every day and Fiat isn't helping

Fiat is only suitable for use as a means of payment/transaction, not suitable for investment like bitcoin. the emergence of eNaira only makes Nigerian fiat easier to use in their country and will not attract more investors to buy Naira. yeah.. thanks to the volatility of bitcoin, fiat is suck.

GeorgeJohn

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Quote from: Masplanc on October 28, 2021, 10:09:32 AM

If I may ask what are the features of this Enaira?

From the look at it, eNaira is centralized currency like fiat currency, so i may the objectives is been launched or introduce is to save money in way of cryptocurrency, in future time it can be tradeable, but the only difference there is that, it's centralized currency.

Quote from: Masplanc on October 28, 2021, 10:09:32 AM

Will their be interest that would be added to the money in the wallet?

yes of course that's while is called eNaira digital currency, the money is going to be kept digitally which wanna be in your wallet precisely with the exception of a bank, so bank is meant for Fiat alone.

fullhdpixel

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Quote from: CryptopreneurBrainboss on October 28, 2021, 04:48:28 PM

We have different service for that purpose and majority are working effectively. We have both Local and international service offering this. The only difference here is eNaira is been controlled by the government meanwhile this other services are controlled by individual bodies outside the government which makes it a little bit difficult for the government to control how they're been operated.

For example there's an online banking services provided called Kuda, this company has been having issue with the government as many Bitcoin enthusiast tends to turn to them instead of using the traditionally banks as government started showing negative signs towards enthusiast of the crypto industry.

Some clarification here, eNaira isn't a cryptocurrency so it's not on Binance/ethereum blockchain or any of the other blockchain/exchange out there. Any project you see is either scammers trying to leverage on the ignorant individuals or a totally different project.

So basically government created a token or a coin or whatever it is called, to rival cryptocurrencies that we know? Like basically saying to citizens "do not use bitcoin, come here we created this enaria project and all of you should use this instead" type of deal? In that case what are they really providing that could be more beneficial to public than crypto?

Aside from the fact that one of them is supported by the government (and even created by) and the other is seen in a negative light, I do not see enaira to be any better than crypto to be honest. What do you imagine will happen, will people move to enaira or will people stay in crypto?

magneto

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The same comments could be made to any other decentralized crypto.

The fact that BTC is looked down upon but CBDCs are embraced is honestly an atrocity, but not a surprising one at the very least.

Governments want more control and that is exactly what BTC takes away from them. CBDCs, despite having the blockchain infrastructure, arguably centralizes the monetary system even more into the hands of the government/central bank which is hardly a good thing.

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