Nigeria to launch its crypto currency after crypto ban - page 3.

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Quote from: Ever-young on August 17, 2021, 02:32:52 PM

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria) was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

It depends how countries launch their CBDCs, as blockchains or as tokens that can be used on multiple blockchains- USDC. If we can get E-aira on Ethereum, Polygon, and NEAR protocol we can use it for DeFi. Nigeria would be better off if more people used its currency so they need to play this smart.

barabeku

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I am afraid no. They want to replace ordinary crypto currency like Bitcoin and Ethereum with their digital state currency. When they launch it, Bitcoin will still be a rival for it, so they will forbid it.
What comes to E-naira,it will still be regulated by the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital E-naira, rubles, yuan will be under regulation, so it is the same as just non-cash money but on blockchain instead of bank account.

Reid

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Ban and create new. Yes, sounds like China.
They all want a centralized token and that's for tracking everything so that the people can't keep huge funds and increase the demands.
Sure it will be 1:1 but you will not escape payments even for a mere parking ticket if they can control your money.
The government won't even need your authorization and they could just take the money from your wallet or worse, freeze them until you pay the tickets.
It's not really different from the banks, it's just improved.

evichi

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Nigerian Government as well as China are seeking ways to profit from cryptocurrency. The good side in both cases is recognizing the technology of crypto. On the other hand, adoption of the digital currencies depends on the masses. The action of both governments will not necessarily influence mass adoption. Blockchain and crypto has a lot to do with freedom of choice. People will only key in if they find the government digital currencies worth while, otherwise it may not make any difference.

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Nigeria is the largest Africa country and a good place for cryptocurrency market. Its a welcome development.

livingfree

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If this is official, that doesn't make them accept crypto.

There's an exemption of it until validated by their government that they're adopting crypto and as well as making their own CBDC.

But if there's no close and official statement towards adoption of cryptocurrencies, consider that as a no for them even if they'll launch CBDC.

Ever-young

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Quote from: mu_enrico on August 17, 2021, 02:54:38 PM

It should be "ban" not "band" because "band" is something else (I'm thinking about Nirvana).

Anyway,

Quote from: Ever-young on August 17, 2021, 02:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

That's a totally different thing. CBDC is not equal to cryptocurrency, especially the in its definition related to no trusted 3rd party (decentralized). They are more likely to approve only CBDC.

Interesting to see "the war on currency" with CBDC vs crypto (especially Bitcoin).

Thanks for the correction, Ban was what I meant to say. It was a typographical error.
Mistake will be corrected.

Miaallen

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I must tell you I doubt the success of that cryptocurrency Nigeria government want to create if the ban on cryptocurrency trading still stands in the country. How will the coin the traded with the involvement of the Cryptocurrencies exchanges which it has banned its citizens from using in trading crypto.

DeathAngel

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CBDC’s are centralized government shitcoins, nothing more & nothing less. Where there is a demand for decentralized currency like bitcoin, the people will find a way. It really isn’t hard to use Tor & or a VPN.
Governments are powerless to stop this tidal wave.

Woodie

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Interesting turn of things after making people to retreat away from the original cryptocurrencies like bitcoin!

So how will this regulated currency run...Will it be pegged on the Nairas performance makingit a stable coin, will it be be a regulated coin,will this have s fixed supply or the government will be free to mint has many new coins as they like....I guess I have found myself 3ith more questions than answers.

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Nigeria tops the list of all the countries that use cryptocurrencies the most.

Very true which is why almost crypto projects we have today always want to tap into this market because the country has the numbers to stimulate demand once it gets them interested.

mu_enrico

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It should be "ban" not "band" because "band" is something else (I'm thinking about Nirvana).

Anyway,

Quote from: Ever-young on August 17, 2021, 02:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

That's a totally different thing. CBDC is not equal to cryptocurrency, especially the in its definition related to no trusted 3rd party (decentralized). They are more likely to approve only CBDC.

Interesting to see "the war on currency" with CBDC vs crypto (especially Bitcoin).

Ever-young

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Quote from: Charles-Tim on August 17, 2021, 02:37:14 PM

Quote from: Ever-young on August 17, 2021, 02:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

No. Just as China has CBDC (digital Yuan), but ban decentralized currencies like Bitcoin.

Alright but that will be very bad, because the country has been rated highest on the number of countries which citizen's are into crypto, they have been ranked 1st in Africa if am not mistaken.

Charles-Tim

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Quote from: Ever-young on August 17, 2021, 02:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

No. Just as China has CBDC (digital Yuan), but ban decentralized currencies like Bitcoin.

Ever-young

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On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria) was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

Topic: Nigeria to launch its crypto currency after crypto ban - page 3. (Read 383 times)