Topic: New world order or CBDC against cryptocurrencies - page 3. (Read 777 times)

To be honest, in my opinion, my country doesn't need CBCD for now. Because if this domestic transfer everything went smoothly, you can directly transfer your money to another bank domestically and only cost around $0.16 before was $0.66 its already a price cut. and there is dozen of digital wallet app like Paypal here and there is a system called "QRIS" basically you can pay from a different bank and different digital wallet provider direct to the merchant and cost you nothing its free. But...

Although in Indonesia CBDC is on purpose "BI first began exploring a CBDC because they recognized the potential of the underlying blockchain technology, the need to reduce dependency on physical cash, and the fact that other central banks were exploring doing the same." - https://cbdctracker.org/currency/indonesia-digital_rupiah

I agree that it is important for business to make a system of fast and independent transfers, but there are several points. For businesses, the transfer of payments in one area between different banks takes from several hours to days, and a similar transfer between different areas can take several days. Even a transfer between organizations in the same bank takes several hours. But for individuals, transferring money to any point in Russia between different payment systems occurs almost instantly thanks to the Fast Payment System. How do banks work in your country?
I don't need CBDC.

I think this was a Nigerian problem, as far as I know, CBDC is new technology and this gonna be used in national scale meaning this will face a problem.

and yes the launch of CBDC will also have a negative side "The downside of a CBDC would include challenges in preserving the Federal Reserve’s dual goals of monetary policy and preserving price stability. In addition, widespread use of a CBDC would be another payment form for consumers to choose and merchants to monitor in addition to cash, credit/debit, and checks. Consumers may also balk at the thought of the government’s computers being able to monitor all of their transactions and know the amount of CBDC cash earned and spent." - https://blogs.perficient.com/2022/01/27/pros-and-cons-of-a-potential-u-s-central-bank-digital-currency-cbdc/#:~:text=The%20downside%20of%20a%20CBDC,credit%2Fdebit%2C%20and%20checks.

although according to https://www.atlanticcouncil.org/cbdctracker/ there is a couple of successful countries that launched cbdc

Only thanks to these events, the cryptocurrency in Nigeria became the second national currency. The shadow market cannot be liquidated in this way. Even if cryptocurrencies are banned, barter will appear. I think that the central banks of your countries will take into account the mistakes in Nigeria and will lure users into this ecosystem with good bonuses.

So it seems Nigeria is following Modi's plan but in a different context. Modi did the same in India to curb the use of black money and Nigeria did it to push the digital money. That's quite unfortunate that Nigerians are living under an authoritarian government.

Cryptocurrency should see positive responses from Nigerian due to this forceful nature of their government. Demonetization usually brings in more liquidity and positive upward trend to cryptocurrency similar to what we have seen in India.

They HAVE to incentivise use of CBDCs, that's the only way they'll be adopted. No ones expecting an African currency (or most world currencies) to do what bitcoin has done in the last 15 years.

CBDCs will be incredibly risky unless they belong to a big enough or a closed off enough economy imo (look at doge - the same could happen to a smaller currency to make someone a lot of money to the detriment of everyone else trying to transact in it).

Do you think this is a Nigerian problem or is it a global problem for all countries whose authorities want to make a digital financial collar for their citizens?
I have seen information that CBDC will be launched in many countries, but will it work? Citizens do not need it and I think smart people will not use it.
In Russia, CBDC will be launched in April 2023, but so far I have no information about how it will be used, but the bill speaks of complete total control over the financial expenses of citizens and their management.

1. CBDC launch   25 October 2021
Nigeria launches eNaira, Africa's first central bank digital currency
https://www.cbn.gov.ng/Out/2021/CCD/eNaira%20Launch%20Press%20release%20%20231021.pdf
https://www.african-markets.com/en/news/west-africa/nigeria/nigeria-launches-enaira-africa-s-first-central-bank-digital-currency

The Central Bank promised Citizens were promised discounts and benefits.

2.Complete failure  1 attempt   December 2022
583 thousand wallets downloaded and nigeria population 215 million people
https://nairametrics.com/2021/12/12/cbn-says-enaira-has-completed%e2%80%afn188-million-worth-of-transactions/

3. Punishment of citizens  December 2022
Nigeria Imposes $45 Daily Limit on ATM Withdrawals in Bid to Discourage Cash Use
https://bitcoinke.io/2022/12/nigeria-imposes-atm-limits/


4. Response from citizens Jan-February 2023
NEWSBitcoin soared to the equivalent of $38,000 in Nigeria
https://gadgettendency.com/bitcoin-soared-to-the-equivalent-of-38000-in-nigeria/

ATM smash in Nigeria
https://obvaldefoltovi4.livejournal.com/7897741.html

5.Punishment of citizens 14 Feb
Nigerian Central Bank Disregards Supreme Court Order, Says Old Naira Notes No More Legal Tender
https://saharareporters.com/2023/02/14/nigerian-central-bank-disregards-supreme-court-order-says-old-naira-notes-no-more-legal

6. Response from citizens 16 February 2023

JUST IN: Nigerians revolt at the Central Bank after it declared old currency notes no longer legal tender.
https://twitter.com/BitcoinMagazine/status/1625948089751113738?s=20

7. Response from CB 16 February 2023
Nigeria's Buhari grants 60-day extension to turn in old banknotes
https://www.reuters.com/world/africa/nigerias-buhari-grants-60-day-extension-turn-old-banknotes-2023-02-16/

"The ruling came shortly after the International Monetary Fund said Nigeria should consider extending its deadline to swap old banknotes because of the disruption to trade and payments caused by a shortage of new notes."
https://www.reuters.com/world/africa/nigerias-plan-ditch-old-banknotes-2023-02-08/

8.  BENUE TRADERS RESORT TO TRADE BY BARTER February 18, 2023
https://www.vanguardngr.com/2023/02/cashless-policy-benue-traders-resort-to-trade-by-barter/

https://guardian.ng/news/again-scourt-defers-ruling-on-naira-redesign-to-after-election/
The Supreme Court, yesterday, said it will deliver judgment in the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN) on March 3, effectively extending the stalemate to after Saturday’s presidential and National Assembly elections.

9. Protests continue Mar 2023
In Nigeria, citizens have taken to the streets to protest the nation’s cash shortage, further objecting to their government’s implementation of a central bank digital currency (CBDC).
https://www.coindesk.com/consensus-magazine/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries/

10. The protests continue, but citizens are forced to use the CBDC due to lack of cash. The number of wallets has grown to 13 million. Mar 2023
https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation

11. The next stage of implementation CBDC starts with the poor.     Mar 2023
https://bitcointalksearch.org/topic/m.61998996

12. The project curators from the International Monetary Fund have already thanked their subordinates for the work done. May 16, 2023
https://bitcointalksearch.org/topic/m.62277134
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