Nigeria to finally launch Enaira today

CryptopreneurBrainboss

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Quote from: Slow death on October 30, 2021, 07:55:17 PM

I honestly don't understand how this eNaira is different from naira? both have the same purpose, so why create eNaira if cryptocurrencies already exist? if they already have naira? it looks like the nigerian government refuses to accept cryptocurrencies so to get their people to stop using cryptocurrencies they went to create this enaira

eNaira is no cryptocurency instead it's a digital currency that's controlled by the Nigerian government. It's just the electronical form of our physical Naira currency. There would be no price volatility with eNaira as we have with cryptocurency like Bitcoin etc so it's more of a stablecoin. There's no similarities between cryptocurrency and eNaira excluding the fact that both are digitalized.

The Nigerian government haven't been the best supporter of cryptocurrency especially Bitcoin as it hasn't favoured them so far. In the past crowdfunding has been organized using Bitcoin that was used to sponsor the protest that caused havoc in the country. This crowdfunding was supported and hosted on twitter which resulted to the ban of the social media platform in the country but they won't review that as the cause.

Of course the government is promoting their eNaira as a better alternative to Bitcoin but the citizens won't buy into their lies immediately they realize they can't profit from holding eNaira like with Bitcoin.

stomachgrowls

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Quote from: crzy on November 01, 2021, 04:37:16 PM

Quote from: Slow death on October 30, 2021, 07:55:17 PM

I honestly don't understand how this eNaira is different from naira? both have the same purpose, so why create eNaira if cryptocurrencies already exist? if they already have naira? it looks like the nigerian government refuses to accept cryptocurrencies so to get their people to stop using cryptocurrencies they went to create this enaira

eNaira will serve for online transactions and they created their own digital currency so they can control it, control taxes from it and monitor all the transactions, this is their main reason and adopting cryptocurrency is not yet their purpose. Though hopefully, they will still allow their people to invest on cryptocurrency because this is way better compare to any fiat digital currency.

They had already make out their coin then for sure they would be most likely be trying out their best on marketing out their own coin to be used and people wont really be that suggesting on going

further with other crypto but actually they couldnt really stop out the citizens if they do really want to get engaged with other cryptocurrency as well yet everything is really accessible.

We've seen some countries fully adopting Bitcoin and we've seen some of them create their own ending up on being CBDC's which it isnt really surprising that they would
really be focusing the most on where they do saw that could be possibly controlled.

crzy

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Quote from: Slow death on October 30, 2021, 07:55:17 PM

I honestly don't understand how this eNaira is different from naira? both have the same purpose, so why create eNaira if cryptocurrencies already exist? if they already have naira? it looks like the nigerian government refuses to accept cryptocurrencies so to get their people to stop using cryptocurrencies they went to create this enaira

eNaira will serve for online transactions and they created their own digital currency so they can control it, control taxes from it and monitor all the transactions, this is their main reason and adopting cryptocurrency is not yet their purpose. Though hopefully, they will still allow their people to invest on cryptocurrency because this is way better compare to any fiat digital currency.

Silberman

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Quote from: dunfida on October 29, 2021, 03:55:03 PM

Quote from: Silberman on October 29, 2021, 03:48:39 PM

Quote from: Anguwa on October 28, 2021, 03:43:36 PM

Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.

I think it is naive to think that this means that the government of Nigeria is going to welcome with open arms other coins that are nothing more but superior competitors to what they are offering, if anything this is going to be used as an argument to try to ban them, they will argue that there is now no need for the use of bitcoin as now people can use their digital currency, so I expect the opposite, most likely we are going to see a ban on cryptocurrencies, but I think the people of Nigeria are smarter than that and will keep using their bitcoin despite of what their government says.

Everything cant be known until we do see on what are the steps and decisions that they do made out but you did actually said a solid point that whenever they do tend to create something their own coin then its normal to think that they will really be focusing more than on this one compared on
other coins existence.

If they do still welcome out other options then it would be great but its most likely there would be some prohibition because basing off with the
very basics on how government do handle things up then i wont be surprised if they would really stick into that.

For now lets see on how this would end up.

You have a point, maybe I am getting too ahead of myself and the events by my prediction as there is always the possibility that they are going to be open about it and they will allow their citizens to use bitcoin in whatever way they want, however when we look at some of few examples where we saw something similar to this we can see the governments immediately moved against bitcoin in order to force people to use their cryptocurrency, so I have a suspicion this is what it will happen at Nigeria.

teosanru

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Quote from: Gozie51 on October 25, 2021, 03:31:20 AM

After the delay because of 61st independence anniversary

This news of launch of the Enaira has been coming but delayed because of one logistics or another and the anniversary celebration but now it is getting to be launched by the CBN. This is suppose to reduce the pressure on fiat and make the naira easily accessible on the digital space meaning anybody from whatever planet can easily make transaction on the naira home and abroad.
How do you see this launch and how do you think it will impact on the Nigerian economic especially as it is going to help create easy payment platform.

negative or positive

As I have said multiple times on this platform regarding CDBCs that, any cryptocurrency launched in name of CDBC is going to be like this only, it would just use the blockchain technology to ensure the transactions are secure and there is no fake currency revolving around in the market other than that it won't carry any feature of traditional crypto, the supply would always be controlled by the country that is issuing the currency which means it will just be fiat repacked into a digital form, you would not enjoy all the benefits of crypto. This decision of Nigeria might help them in increasing Financial Inclusivity in the country but won't help crypto market in any manner.

Alisha-k

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E naira on air,and I'm seeing it everywhere on the net but i ask myself:
*What is these E naira ? I have tried to evaluate the phenomenon of how it will bring rise to the positive difference between the fiat money and the E-naira

*what is these e-naira classified as ?
Crypto?

*how is e-naira going to change and lift inflation in the countries that use naira as a currency?
With these,i can comprehend fully how it works

Slow death

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I honestly don't understand how this eNaira is different from naira? both have the same purpose, so why create eNaira if cryptocurrencies already exist? if they already have naira? it looks like the nigerian government refuses to accept cryptocurrencies so to get their people to stop using cryptocurrencies they went to create this enaira

GeorgeJohn

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Quote from: Anguwa on October 28, 2021, 03:43:36 PM

Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.

You are congratulating government that dont want to embrace another cryptocurrency, is not the same government leaders that restricted their banks not to partner with cryptocurrencies especially bitcoin, is not the same set of group that has been castigating bitcoin and refused to legalize it's adoption to her people, but right now eNaira as a digital currency has been endorse and launched, while without the awareness of bitcoin which they refuted, the ideology of eNaira digital currency wont have be enshrined.

King Raymond

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The question now should be whether this new currency will be
used, what purposes will it serve?
The excitement and focus should not be on the launching of the coin alone

Stedsm

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The best cause I see for CBDCs is that, usage of cash i.e.; paper money will be very much reduced which will save enough paper as well as environment too as trees and various other resources used in the making of these paper money will now be relieved. This will help us fight global warming that's killing the temperature everywhere due to nature being played by human for his own benefits. I believe this should have happened way before already but thanks to crypto that opened the eyes of sleeping banking systems and governments, people are now seeing a change in their old traditional banking system and services. Now Nigerians will go digital as this eNaira will help a lot of people understand what is digital money, which will also help crypto for more adoption.

Johnyz

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Quote from: Ararbermas on October 29, 2021, 05:39:55 PM

Expect more more that will do the same in the future, it's not surprising because it had been started so everyone will become interested as well such how it feels and what benefits that they can get when it comes using digital currency.. And how it will give an impact? Well obviously it depends on the amount of people that will used such way of storing money and making transactions using their very own digital currency within the country for short it all depends on the demand.. Indeed we are high tech now perhaps it will click like what happened to other countries that implement such thing..

With a perfect timing and proper implementation, we can really see the success of Digital currency in the future. Even if this is a fiat money, many are into online now and tend to use more on their online transactions so if there’s a demand this is a good strategy for Nigeria. Let’s just see if they still adopt cryptocurrency now that they already have their of digital currency.

Ararbermas

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Expect more more that will do the same in the future, it's not surprising because it had been started so everyone will become interested as well such how it feels and what benefits that they can get when it comes using digital currency.. And how it will give an impact? Well obviously it depends on the amount of people that will used such way of storing money and making transactions using their very own digital currency within the country for short it all depends on the demand.. Indeed we are high tech now perhaps it will click like what happened to other countries that implement such thing..

el kaka22

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Quote from: barbara44 on October 29, 2021, 06:21:22 AM

Well, it is not really bad for the fact that you can be able to make use of it whether you’re home or abroad.
It is going to be helpful to Nigerians who are living abroad, because I am guessing that they wouldn’t have to go to the bank to be able to send money to their families at home, and also the money is going to be instant right?

But, what true bitcoin and crypto fans are not going to like about the E-Naira is the fact that it is still the same Naira which has been losing value for years now, although this time in a digital form, but still making no difference. You would definitely choose to hold bitcoin and Ethereum than to hold this E-Naira.

It is definitely a method that connects the whole world to Nigeria, or maybe vice versa. However, that is the problem at the same time, crypto connects the whole world together, this one connects Nigeria to the whole world, it is limited by in nature. So that is why I believe that there is a good chance we may end up with something that is worse than crypto, plus there is decentralization lack as well, since it is government made, it is also something that people may not like so much.

When you have something that is so centralized, it is unfair to all other crypto that worked hard to become decentralized and let the people have the power. It is not even cryptocurrency by the logic of the coins, it is something totally different and that is why there is nothing we should be looking at here and say that it is beneficial to anyone. Maybe Nigerians a bit, but even they would be better if Nigerian government let them use crypto instead.

dunfida

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Quote from: Silberman on October 29, 2021, 03:48:39 PM

Quote from: Anguwa on October 28, 2021, 03:43:36 PM

Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.

I think it is naive to think that this means that the government of Nigeria is going to welcome with open arms other coins that are nothing more but superior competitors to what they are offering, if anything this is going to be used as an argument to try to ban them, they will argue that there is now no need for the use of bitcoin as now people can use their digital currency, so I expect the opposite, most likely we are going to see a ban on cryptocurrencies, but I think the people of Nigeria are smarter than that and will keep using their bitcoin despite of what their government says.

Everything cant be known until we do see on what are the steps and decisions that they do made out but you did actually said a solid point that whenever they do tend to create something their own coin then its normal to think that they will really be focusing more than on this one compared on
other coins existence.

If they do still welcome out other options then it would be great but its most likely there would be some prohibition because basing off with the
very basics on how government do handle things up then i wont be surprised if they would really stick into that.

For now lets see on how this would end up.

Silberman

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Quote from: Anguwa on October 28, 2021, 03:43:36 PM

Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.

I think it is naive to think that this means that the government of Nigeria is going to welcome with open arms other coins that are nothing more but superior competitors to what they are offering, if anything this is going to be used as an argument to try to ban them, they will argue that there is now no need for the use of bitcoin as now people can use their digital currency, so I expect the opposite, most likely we are going to see a ban on cryptocurrencies, but I think the people of Nigeria are smarter than that and will keep using their bitcoin despite of what their government says.

Gosgosking

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The question we need to ask ourselves is will this E naira boost the the economy , this new digital currency still operates like E-transaction in the banks . But let's see how it goes at the end. I'm hoping it works fine for good.

barbara44

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Well, it is not really bad for the fact that you can be able to make use of it whether you’re home or abroad.
It is going to be helpful to Nigerians who are living abroad, because I am guessing that they wouldn’t have to go to the bank to be able to send money to their families at home, and also the money is going to be instant right?

But, what true bitcoin and crypto fans are not going to like about the E-Naira is the fact that it is still the same Naira which has been losing value for years now, although this time in a digital form, but still making no difference. You would definitely choose to hold bitcoin and Ethereum than to hold this E-Naira.

stompix

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Quote from: taufik123 on October 27, 2021, 07:00:50 PM

The digital currency E-naira is expected to increase the country's GDP and fight inflation well.
The launch of E-Naira has the potential to increase Nigeria's Gross domestic product by up to $29 billion over the next decade.

How can money, digital or physical fight inflation? Can you give us an example?
Second, how can money produce more money by simply changing it from cash to digital?
29 billion, nearly 10% of your GDP rise from this, highly doubtful, this is a paper on the impact of ekrona in sweden GDP is mentioned only once as probable but without ways of calculating or determining it.
This is a study spanning over 2 years and shows inconclusive effects and yet Nigerian officials have managed to see 10 years in the future with precise data.

Quote from: taufik123 on October 27, 2021, 07:00:50 PM

The digital currency launched by Nigeria is able to drive faster and more efficient payments and is cost-effective and does not require intermediaries anymore.
Transactions can be monitored better which will curb black market transactions.

I feel like I'm reading the whitepaper of its coins, let's not call it straight-out propaganda!
I have a feeling you just copied something an official said when praising himself what great achievements this magical coin will manage!

Quote from: Lanatsa on October 28, 2021, 05:20:29 PM

Any legalized or simply still centralized do means that it wont be called totally as a cryptocurrency because it is totally opposing the true essence of
decentralization and these things are just CBDC's and we know that theyre centralized

If it uses cryptography it's a cryptocurrency, simple as that, a cryptocurrency doesn't have to be decentralized or to even run on a public blockchain to be classified as such, just as an electric vehicle running on batteries doens't have to be a car.

Lanatsa

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Quote from: Anguwa on October 28, 2021, 03:43:36 PM

Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.

Any legalized or simply still centralized do means that it wont be called totally as a cryptocurrency because it is totally opposing the true essence of

decentralization and these things are just CBDC's and we know that theyre centralized or simply just like with fiat money which it isn't surprising

that government would really be making these things rather than on accepting or making decentralized coins to get in but well this do excludes out to
those countries which do really recognized bitcoin or some altcoins.

mexite

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Nigeria's e-Naira is one of the first CBDCs in the world, and it's a great idea as it may help facilitate mass adoption of digital currency and or cashless transactions in the country. However, there's be a controversy on whether e-Naira is a crypto or not.

I would say e-Naira is not but a Central Bank Digital Currency (CBDC). It's legal, centralized, and government backed as a legal tender unlike crypto which is private issued and not accepted as a legal tender. I just hope the government will be open-minded, just like the US, to consider allowing crypto transactions in a regulated manner. Harmonizing crypto with e-Naira can really fuel the mass adoption of the ẹ-Naira.

Topic: Nigeria to finally launch Enaira today (Read 239 times)