Topic: New world order or CBDC against cryptocurrencies (Read 981 times)

That's how it happened. I'm a Nigerian. It is in my country that the government fights with the last drop if their blood to prevent innocent citizens from protesting. Infact, they go a long way to pay poor citizens to stage an anti-protest protest and it sounds funny.

The last major National wide protest was #EndSars protest and they did same thing. This time around, it is #Endbadgovernment protest.

https://www.premiumtimesng.com/news/top-news/723986-exclusive-nigerian-govt-freezes-37m-worth-of-cryptocurrency-traced-to-suspected-protest-organisers.html
EXCLUSIVE: Nigerian govt. freezes $37m worth of cryptocurrency traced to suspected protest organisers
In the ex parte application filed on 8 August and heard by the court on the following day, the EFCC described the cryptocurrency assets as proceeds of money laundering and terrorism financing.

"The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests.

The freezing followed an order by the Federal High Court in Abuja.

The judge, Emeka Nwite, gave the order in a ruling delivered on 9 July, a copy of the decision seen by PREMIUM TIMES on Tuesday shows.

Mr Nwite issued the order based on an application by the Economic and Financial Crimes Commission (EFCC)."

Latest news from Nigeria.

https://www.forbes.com/sites/digital-assets/2023/12/27/nigerian-banks-set-to-launch-compliant-naira-stablecoin-in-2024/?sh=2989605c8484
"The New Naira Stablecoin (cNGN)
The newly proposed cNGN will be a compliant and regulated consortium-based Naira stablecoin. The cNGN will be pegged 1:1 with NGN, but unlike previous NGN stablecoin attempts, it will be held by Nigerian banks.

The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN.

Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers."

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Russia is also undergoing mass testing of CBDC, but mass implementation is expected next year. All this will begin to be tested on students, new retirees and government officials.

As @jackg has said, they need to incentivize the use of CBDC and I also would like to add to that the fact that if you create a crisis then make it so that you're making your people narrow their choices to bad for them but good to you and worse for them but the best for you, they'll choose most likely the lesser of all the evil. It's been a year since this topic but it seems that some of the horrors for the Nigerians are still persisting to the point that they have no choice but to succumb to the IMF's manufactured craze for CBDC. Can't believe that they're still justifying the use of this when it's just a stable coin but much worse because there's control from the government involved, the lifting on the ban hopefully creates something new for Nigeria though, they've got the potential to be rich if they just allow crypto to flourish there.

Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

https://www.reuters.com/world/africa/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23/
Nigerian central bank lifts ban on crypto trading
" Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular.

The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks.

Subsequently Nigeria's Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use."

This question worries me too. But if Europe formally participates in a war with Russia and kills its economy, there will be a new conflict in the Middle East and if the United States forces China to attack Taiwan, then the dollar will again be the strongest world currency. If China does not have wars and sanctions, it will soon become the new world Boss.

I would agree with you that Africa, if not the whole world was just watching how the implementation of e-naira will actually play out. Assuming Nigerians succumbed to the pressure of the government and accepted e-naira widely, other African countries would have followed same process. It is because Nigerians rejected the idea, that is why it seems like it died a natural death.

Besides, the government of Nigeria did not use a nice process to introduce the e-naira to her people. Instead of the government to use the means of sensitisation to walk the people through the process, they chose the means of threats and punishment and the citizens kicked.

Another story from Africa
https://cointelegraph.com/news/crypto-zimbabwe-gold-backed-digital-token-payment-method

"On Oct. 5, the gold-backed digital token called, Zimbabwe Gold (ZiG), officially launched as a payment method. The launch was announced by the Reserve Bank of Zimbabwe (RBZ).

The RBZ introduced its new project in April 2023, highlighting that every issued digital token would be backed by a physical amount of gold held in the bank’s reserves. The RBZ first started issuing physical gold-backed tokens in 2022, claiming their successful adoption.

The mission behind both physical coins and the newly introduced ZiG is to persuade local investors to put their money into national assets and not United States dollars, which is not an easy task in a country with triple-digit inflation. RBZ Governor John Mangudya stated:

“The issuance of the gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.” "
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We remember the stories of countries that wanted to abandon the dollar and what happened to them. You can read about Muammar Gaddafi.

Binance's Activities Are Illegal in Nigeria, Securities Regulator Says
The regulator also ordered all crypto platform providers to stop reaching out to Nigerian investors.
https://www.coindesk.com/policy/2023/07/31/binances-activities-are-illegal-in-nigeria-securities-regulator-says/

https://sec.gov.ng/warning-against-investing-with-binance/
"The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity, making such solicitation is doing so at his/her own risk."

Is this a hunt for Binance or cryptocurrencies in Nigeria?

Godwin Emefiele is currently in the custody the Department of State Service on interrogations. Yesterday the president finally opened up on the reason for his suspension and arrest while attending  the summit for A New Global Financing Pact in French The government is interrogating him on Multiple exchange rate which made those outside Nigeria to find it difficult sending money down to Nigeria and that the financial system of the country was rotten under him making few have advantage over the majority.

I agree that there was a ridiculous exchange rate that is far lower than what the majority of Nigerians could access. That ridiculous rate was called the official rate that only those directly at the top level of government and influential can access it and was pegged for around  #450- $1 and I'm sure very few business people and limited politicians accessed that rate while the rest access the other window called black market @ #750 - $1. There was this huge margin on that multiple window plus the naira redesigned that caused so much confusion and death in the land but my submission is that he was not all alone, why pick only him

We do not know whose interests Godwin Emefile represented, but he had great political ambitions to become the president of the country.
Now in Nigeria there is a serious political conflict between the new president of the country and the leadership of the central bank, which possibly defends the interests of other financial elites.
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I await comments from Nigerians.

Selfish gain supercide the interest of the people. When a new government feels there are enemies he has to go after. Arresting the central bank governor is chasing shadow because the governor wouldn't have acted only on his own volition. Revelations will unfold on who did what and all that thereby disattracting governance.

I wouldn't say that about the citizens of Nigeria. Nigeria attracts foreign investment and the leadership is forced to agree to certain conditions. Perhaps they did not understand the consequences, or perhaps they thought that it would be better for the country, or they had their own financial interest. But from a political point of view, this is a great achievement. Other countries do not arrest former central bankers.

Those "Prominent Nigerians" are just like toothless bull dogs that can't organise themselves to challenge bad governance or they are all friends with the government benefitting from bad governance. They are all interested in having dip pockets from the government looking for different contracts and wouldn't find any alterations in the way government is going because of how the system has been made to benefit them.

The whole point is that Nigeria runs a kind of government whether presidential or federal system but the president has superior power and controls the government to himself and also his political party (which is the ruling party) and therefore anything he says, decides or wish to allow to happen stays that way. So Godwin Emefiele can't take decision without the president vetting on it. Those going after him should also endeavour to go arrest the past president (Muhammad Buhari), he should not be exempted in that ordeal because he approved the policy


He already appealed his prosecution in court and I think legally he should be able to defend himself and bring in the past president into the picture .

https://www.dw.com/en/godwin-emefiele-nigerias-disgraced-central-bank-governor/a-65905673
"Nigeria's newly inaugurated President Bola Tinubu suspended Godwin Emefiele from his post as governor of Nigeria's Central Bank on Friday and the Department of State Services (DSS) detained him a day later. Emefiele had served as governor of the bank for nine years.

Tinubu's office said Emefiele had been suspended as part of an "ongoing investigation of his office and the planned reforms in the banking sector."

Prominent Nigerians and leading figures in the civil society had been calling for Emefiele's arrest and prosecution after he rolled out a "naira redesign policy" very close to the presidential election that led to massive cash shortages."

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Will the main initiator of the CBDC or digital collar go to jail in Nigeria?

The government really know what we want but they want to bring it to us using different methods since they know that many people are switching to cryptocurrency for investment to make money and they are not often interested in using fiat to make transactions like we used to in the past. There will be more countries that would develop there eiwn CBDC soon when they realize that many people are now focusing on cryptocurrency.

A country like Nigeria trying to create there own e-naira is one of the things many other countries would be develop soon since that is becoming the order of time. China had already created there own digital currency that is influencing the use of yuan especially for there citizens to also use online to make transactions and pay for foods and services. This alone can not stop the continueous adoption of Bitcoin as a most use and popular cryptocurrency in the market.

Nigeria regulator says local Binance operations 'illegal'
"Nigeria's markets regulator has ordered the world's largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal.

"Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever," the Securities and Exchange Commission (SEC) said in a statement dated June 9. It said the company was not registered or regulated, making it illegal."

 

https://www.imf.org/en/Publications/WP/Issues/2023/05/16/Nigerias-eNaira-One-Year-After-533487

"This paper reflects on the first year of the eNaira—the first CBDC in Africa. Despite the laudable undisrupted operation for the first full year, the CBDC project has not yet moved beyond the initial wave of limited adoption. Network effects suggest the initial low adoption spell will require a coordinated policy drive to break it. .."
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The project curators from the International Monetary Fund have already thanked their subordinates for the work done.
Testing to put a digital collar on people is going well.

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1 June 2023
Tether and Yellow Card Collaborate to Advance Stablecoin Education and Adoption Among African Youth
https://tether.to/en/tether-and-yellow-card-collaborate-to-advance-stablecoin-education-and-adoption-among-african-youth/

https://www.premiumtimesng.com/news/more-news/596619-nigeria-approves-national-blockchain-policy.html

Nigeria approves National Blockchain Policy
"At the FEC meeting where the blockchain policy was approved, about N17 billion was approved as a refund to Borno State.

The federal government on Wednesday in Abuja approved the implementation of the National Blockchain Policy for Nigeria.
A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers.

Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network."

It is already clear that CBDC will be launched this year in many countries and it is useless to fight it. The only option that has not yet been banned is fiat. But regulators have already begun to fight with cash in the US and Europe. In other countries, there is no great resistance, which means that the noose around the citizen's neck will be tightened slowly.

The promotion of CBDCs has already begun in many countries, including the jam-dex in Jamaica (as well as the e-naira in Nigeria), insisting that a cashless society is so much better. Moreover, for decades now, governments, in agreement with banks, have been trying to persuade citizens that cash is not practical (and that it can even be a vector of viruses...).
The states maintain the confusion between CBDC and bitcoin, when of course there is nothing comparable.

It is obvious that the progressive introduction of CBDCs is only a tool to control citizens. Fortunately, we can see that Nigerians are not very inclined to adopt it and that they largely prefer bitcoin, despite its ban.

If you talk about the collapse of the dollar, then only those states that depend on the dollar system will suffer. The US will suffer the least because it could go bankrupt or print a lot of dollars. But then the question arises who is the new Boss? Or there will be several new Bosses. To write off debts, a more global war is needed, and not minor conflicts, as in Ukraine.

This is true and this is exactly what they want. Any currency they can print without real counter value in a hard asset like precious metals, is destined to go bankrupt. History is very clear about this and there are 0 exceptions. We are now at a point in time when the entire global monetary system is about to go bankrupt, and end in hyperinflation.

2023 is very similar to the 1930's. There was high inflation (look up Weimar inflation of Germany) and there was a global conflict between rising powers, leading to WWII in 1940. After this war in 1945, the financial rules were set with the US dollar as the reserve currency and the USA setting the rules for global finance. That system is totally bankrupt now.

The history of WWII is repeating itself right now.
There is a shift in global dominance and that is what this Ukraine war is really about. USA + its NATO allies are bankrupt and it seems to me that bankers will use the war as an excuse when the entire banking system goes down. There is no other way to justify to people why they will own nothing and why their currencies are worthless.

The nazi's have confiscated all of people's assets in WWII and this is exactly what Klaus Schwab of the World Economic Forum (By 2030 you will own nothing, but you will be happy) is planning for us now.

CBDC's are simply the new plan to kick the can down the road, build up debt for decades, inflate the currency until it eventually becomes worthless and steal peoples assets when they can no longer pay off their possessions due to inflated currency.
Not only that. With CBDC's being completely digital, the government now has full control over your account. They can close your account with 1 click. They know exactly what you own. They can and they will impose rules such as "you have to spend this money before this time, or we will impose a tax.."

CBDC's are monetary slavery, and it is just a matter of time before the government will start advertising them to people.

I don't want to disappoint you, but most of all central banks are subject to the requirements of the World Bank and the Basel Accords. Central banks have not been working in the interests of their countries for a long time, there are a lot of examples. All bank money is fiduciary assets. You must believe that you can exchange this bill or token for a product.

The argument is that if central bankers can create a currency without backing it up with a commodity like gold or other metals, it will not be successful. Such a currency would be no different from a regular fiat currency, except that it would be digital. The digital nature of such a currency would mean that governments would have complete control over it, which some people consider a form of monetary slavery. This view suggests that such a currency would not maintain its value over time.BTC
https://thefinanceopedia.com/
 BTC

That's why I'm following this thread closely. No one will ask people what they want and what is convenient for them. In many countries, cash can be freely exchanged for gold coins or bullion, but storage and security issues arise. And digital currency will be difficult to steal, because the chain of transactions is very easy to trace. Another positive point is that the central bank cannot go bankrupt, unlike a commercial bank, so your money is always safu. But there are many more cons.

If central bankers can print it without a counter value in gold or other metals, it will fail.
It is no different than a regular fiat currency. The only difference is that it is digital.
And it being digital, includes that governments have total control over it.

I call it monetary slavery. I certainly do not want it and I can assure you that it will not hold its value.

Tether Launches YelloewCard in Africa! Company promise freedom speed and low transaction.
Accessibility
"USDt can be accessible to people who don't have access to bank accounts or credit cards, as they can be stored and transferred through a variety of digital wallets. All you need is a mobile phone with internet connection to receive and spend USDt."
https://usdt.yellowcard.io

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This is not an advertisement and I don’t understand why this is necessary if I have a smartphone and tronlink

The popular opinion is that the redesign was because of the election and done in a rush to frustrate some certain politicians from vote buying because they stored old notes already in their homes. It is all games and the situation of cash is not very harsh now unlike before the elections as they have finished playing their games. Though there is still withdrawal limit and access to cash.


Popular opinion is that votes don't count. The people in power already have preferred candidates to fill all the levels of political positions including the president and that was what happened because they bypass the constitution, electoral laws and the technology for accreditation and transmission of results in real time. They went back to manual collation of votes which was against the electoral law passed last year and manipulated figures to favour the ruling party candidate and that has caused many election cases in court.


Not quite sure there is focus on that.


Cash circulation dropped because of cashless policy and not for the use of cbdc. The registration for bank apps increased and other payment portals but not cbdc



Not when there is adequate network to take care of the traffic. The rural communities are still far from the cashless policy and they are badly hit.

https://www.bnnbloomberg.ca/nigeria-digital-currency-transactions-jump-63-on-cash-shortages-1.1898692
The value of eNaira transactions has surged 63% to 22 billion naira ($47.7 million) this year, while about 13 million so-called e-wallets have been opened, a more than 12-fold increase from October, said Godwin Emefiele, the Central Bank of Nigeria’s governor. The amount of currency circulating in Africa’s largest economy has meanwhile dropped to about 1 trillion naira from 3.2 trillion naira in September, he told reporters in Abuja, the capital, on Tuesday.

According to some unconfirmed sources, the number of wallets has grown because the government began to use CBDC to pay social support to the poor in the country.

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Please correct if this is a mistake. The next stage of implementation starts with the poor.

Zooming out a hundred times and you may see that Nigeria is a testing ground for the CBDC. If at first they only did this to Nigeria and succeeded they will do it to every country in the world. I think Nigerians are kicking back though.

Today we can see FED is destroying banks and the value of the USD through inflation. Sooner they will introduce CBDC in the guise of trying to protect the money from inflation by saying they already have the money and all the people have to do is install the CBDC app.

You seem to have some first hand info.

So, if I understand correctly, all the situation was due to reduction of cash in circulation as part of pre-election games. Is the situation returning to normal after the election or is it getting worse?
And why was the turnout so low? I read it was around 27%. You would expect it to be much higher especially when there's a heated rivalry for the office.

And how's it looking with CBDC, is it available for use by an average Nigerians at all?

It is a sad situation that the government is not placing priority on the people. Digital money in Nigeria is still far from Nigeria because of so many reasons not excluding comatose network.


Unfortunately it is not so. The naira seizure or redesigned against the old one was not in any way made to encourage the use of cryptocurrency, even bitcoin trading is still not popular as the government is still placing a ban on it or have not publicly lifted the ban on it. The purpose for the naira seizure according to popular opinion in Nigeria was for only political reason to reduce vote buying in the just concluded election but all of that is a failure because the election is overtly rigged against the popular presidential candidate of labour party. What is worst and to prove that the naira challenge and impoverishing of masses is that same old naira have been released for circulation after the election, so it was not to encourage the use of cbdc or cryptocurrency. It was for selfish gains.

However, Op could have added protest going on in various Nigerian states especially in the capital territory at the inec head quarters and national assembly due to non compliance with the constitution, electoral laws and Inec guidelines in the conduct of the Feb 25 , 2023 presidential election. The naira crunch is sequel to the fraud and rigging of the election.

Interesting. I've always been drawn to what's going on in Nigeria, I guess because of the large Nigerian community on the forum, but I didn't know in detail what had happened with the implementation of CBDCs there.


This point seems essential to me. The same thing will happen in the rest of the world. They are not going to be satisfied with the fact that many people are willingly giving up using cash to pay with their cell phones, they want to make it more difficult to accelerate the disappearance of cash. That's why they are putting limits on cash payments and there are fewer and fewer ATMs.


I think you are wrong. Most people will use them because they have the governments approval and that's it. Plus as I just said, they are going to make it more and more difficult to access cash, which coupled with people willingly not using it will push people to CBDCs.

The volume of cash may decrease, but I do not think that in the near and even distant future they will disappear. Yes, and we should not strive for this. Still, cash is not as controlled by the government as non-cash. Non-cash money has previously been entirely under the control of the banking system, and hence the government. CBDC is functionally much better than the current non-cash money, however, in terms of control, it is the same non-cash money.
Cryptocurrency, of course, expect times of further regulation by states and their governments. But if everything is in moderation, then it will take its rightful place in the global financial system.

https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation
Nigeria CBDC adoption spikes as fiat currency shortage grip the nation
"The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation.

However, the lack of physical cash forced Nigerians to use the eNaira. In a country where cash accounts for about 90% of transactions, the value of eNaira transactions increased 63% to 22 billion nairas ($47.7 million), revealed a Bloomberg report.

Moreover, according to Godwin Emefiele, governor of the Central Bank of Nigeria, the total number of CBDC wallets grew more than 12 times compared with October 2022 and is currently at 13 million."

Cryptocurrency allows you to buy goods in other countries, because the national currency has a lot of inflation. I have seen information about the popularity of stablecoins, but I have no way to verify the authenticity. If someone from Nigeria made some comments, it would be more clear.

Idunno, if a large amount of Nigerians are resorting to "trade by barter", then what does that say about bitcoin adoption over there. Sure, I know that scores of people are now using it after these events, but that apparently isn't enough people to get the government's attention - I believe BTC is still officially banned there anyway.

protests continue
https://www.coindesk.com/consensus-magazine/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries/
Nigerians’ Rejection of Their CBDC Is a Cautionary Tale for Other Countries
"Nigerians are protesting the African country's digital currency and demanding renewed access to paper money, despite government incentives.

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). The shortage came about due to cash restrictions aimed at pushing the country into a 100% cashless economy. Yet, instead of adopting the CBDC, Nigerian protesters are demanding paper money be restored."

And all central banks are subject to a single regulator: the Bank for International Settlements and the Basel Committee on Banking Supervision. Therefore, all banks will follow their recommendations. Even in Russia, which breaks all world records for sanctions, but fulfills these requirements.

At this point, it's almost certain that cash is on its way out globally. When it happens, crypto is well-positioned to naturally take its place. That's why I expect a major crackdown on crypto to follow shortly after CBDCs are implemented. I don't expect they will just allow crypto to thrive and grow uncontrollably, if they won't straight up ban it, they'll make it really hard to use (by restrictions, taxes and reporting requirements) to keep it contained.



I think so too. Boiling the frog etc. UK announced that their CBDC will likely come with a limit that one person can hold of £10k-£20k, to prevent people abandoning traditional banks all at once.

BTW, it's kind of funny how's there literally zero resistance from the all-powerful banking sector, knowing that CBDC will likely to cripple their operations. Really makes you ponder 🤔

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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There will be a continuation