eNaira launched in Nigeria as a digital currency - page 3.

noorman0

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

-snip-
and what's the objectives of developing a country digital currency.

I don't know, just imagining that digital money will not have a significant difference in the transaction mechanism with digital values issued by local banks so far. The risk of future inflation may be greater if the procedure for increasing supply is not as complicated as making physical money.

My question is, do you have to show your identity to hold eNaira or are you not restricted by nationality?

Quote from: Kakmakr on October 26, 2021, 03:17:46 AM

-snip-
because the government then control the value of those coins. Roll Eyes

Do you mean being able to control the exchange rate? I don't agree with this statement. The main influencing factor on the exchange rate in general is still carried as it was.

tulusikhlas

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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.

Both are the same as centralized currencies in that they only aim to convert to the bigital system. Indistinguishable from crypto functionality that gives freedom. Naira refers to the real currency value. Broadly speaking this is only made for the purpose of adjusting between manual payments and digital payments.

Except for Nigeria, which launches cryptocurrencies with a decentralized system, but usually comes from a particular community or company.

fiulpro

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The reason why these digital currencies might not work out is because even though they might be digitalized but they are still controlled by the government, making them close to fiat, they can be used online but what are the bank cards for ? From delusional advertising by the visa I do believe that everyone is now aiming to become as close as they can to bitcoins to get free advertising. The reason why these governments are banning bitcoins is to deviate all these people towards their CDBC's, which can get a push start. I think they would be somewhat between the stocks and fiats, heavily controlled, won't be taxed to attract the people and thus they would be more or so non volatile.

tyz

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CDBC's can not really be considered as crypto currencies even though there are some similarities like the use of blockchain for example. Therefore, I think the topic can be discussed in the context of alternative currencies, but certainly not in the context of cryptocurrencies

Since eNira was a new term for me, I did some research and came up with this interesting article which explains it very well. It supports my words above.

https://techpoint.africa/2021/08/03/experts-enaira-cbdc/

Bitbtc8

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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

Kakmakr

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So, I will like to see how this digital currency (GovCoin) are going to function. Do the government have control over the coin cap? Can they increase and decrease the coin cap without consensus and do they have a decentralized network of full nodes that are not owned and operated by the government?

These are the areas of concern with "GovCoins" like this.... if they (government) have control over the coin supply, then the owners of those tokens (coins) are f#@%ed... because the government then control the value of those coins. Roll Eyes

GeorgeJohn

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Quote from: pealr12 on October 25, 2021, 08:15:46 PM

Quote from: Vaskiy on October 25, 2021, 06:33:09 PM

It is impossible to find a difference between the traditional fiat of Nigeria and the launched eNaira. A country creating its own cryptocurrency and launching it is really a big thing, because several countries stay in fear on such a development. Even now eNaira looks like the traditional fiat in the digital form. Maybe over the time the increasing usage will result with the development progress as it is very early to make a statement. One thing if it is developed over the platform to have limited number of eNaira then it'll succeed atleast within the country.

This is how it seems to me, after all the central bank of Niger is still in control of the eNaira, and am pretty sure soon all the Nigerian banks will adopt the eNaira into their system and it will be something of choice for the Nigerian people, either choose to use the eNaira or the traditional fiat currency, this is everything centralise and far from what cryptocurrency (btc) propagate.

And from my perception it seems that the eNaira is also in control of the central bank of Nigeria, which is very obvious that both, the fiat currency and the digital eNaira currency is centralized currency base on the view, and I don't think is every body living in, will adopt the uses of eNaira currency for transaction instead of fiat currency.

pealr12

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Quote from: Vaskiy on October 25, 2021, 06:33:09 PM

It is impossible to find a difference between the traditional fiat of Nigeria and the launched eNaira. A country creating its own cryptocurrency and launching it is really a big thing, because several countries stay in fear on such a development. Even now eNaira looks like the traditional fiat in the digital form. Maybe over the time the increasing usage will result with the development progress as it is very early to make a statement. One thing if it is developed over the platform to have limited number of eNaira then it'll succeed atleast within the country.

This is how it seems to me, after all the central bank of Niger is still in control of the eNaira, and am pretty sure soon all the Nigerian banks will adopt the eNaira into their system and it will be something of choice for the Nigerian people, either choose to use the eNaira or the traditional fiat currency, this is everything centralise and far from what cryptocurrency (btc) propagate.

Vaskiy

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It is impossible to find a difference between the traditional fiat of Nigeria and the launched eNaira. A country creating its own cryptocurrency and launching it is really a big thing, because several countries stay in fear on such a development. Even now eNaira looks like the traditional fiat in the digital form. Maybe over the time the increasing usage will result with the development progress as it is very early to make a statement. One thing if it is developed over the platform to have limited number of eNaira then it'll succeed atleast within the country.

Bitcoin_Arena

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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.

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

odolvlobo

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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.

GeorgeJohn

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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

Source: https://www.premiumtimesng.com/news/headlines/491610-nigerias-enaira-goes-live-after-official-launch-by-buhari.html

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.

Topic: eNaira launched in Nigeria as a digital currency - page 3. (Read 520 times)