Nigeria to start piloting digital currency in October. Bitcoin.com

Pokapoka124

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Quote from: usernameyaya on August 08, 2021, 09:02:25 PM

Bank exchange fees between African countries are very high, which is a big problem. Nigeria and Ghana have close trade relations. This is also one of the reasons why the two countries have successively launched digital currencies.

They haven't launched digital currencies yet. They are still just talking about it. And knowing the Nigerian government so well I doubt it will ever come to fruition.

Quote from: usernameyaya on August 08, 2021, 09:02:25 PM

This trend will also spread to other countries in Africa. After all, the operation of cryptocurrency is efficient.

This is not the kind we want to be spreading. CDBC is not a good thing for the crypto community. It is only a means for government to keep control of one's finances and has nothing to do with the cryptocurrency adoption. CDBC is a fruitless attempt by governments to replace bitcoin.

Myleschetty

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Quote from: Stunzz on August 11, 2021, 04:53:32 PM

By the same government that directed Central Bank to enforce every other commercial banks to stop Bitcoin or any other crypto related transactions back in February. Nigerian government is a joke. They labelled it unsafe because it is decentralized. I believe they want all power to themselves and wants to keep her citizen's in a centralised circle.

I don't think you should be surprised with their action toward cryptocurrency before they announced the creation of their own CDBC because 95% of all the governments are addicted to playing politics with their citizen and don't care if they hurt their feelings. Besides, what we see here is their government playing theirs just like the Chinese government.

Stunzz

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Quote from: Dari-phil44 on August 06, 2021, 10:48:26 AM

The central bank of Nigeria (CBN), has reportedly set October 1 as the commencement date for the trial phase of it's digital currency project, dubbed "Project Giant". This digital currency project or the "e-naira" is expected to use the hyper ledger fabric block chain.
The revelation of the launch date for Nigeria's central bank digital currency (CBDC) comes just few months after the central bank governor, said the digital currency will soon come to life. It also comes after the CBN suggested in June that Nigeria would have it's own C DC by the end of the year. With this revelation when confirmed officially, Nigeria will become the second west African nation to announce the pilot phase of it's own digital currency in 2021.
As previously reported, the bank of Ghana is the other country from the region to announce a date for it's digital currency project. In the meantime, the report reveals some of the focus areas that stand to benefit from the roll out of the e-naira. Some of these areas include cross border trade, monetary policy, tax revenue collection and remittance inflows

By the same government that directed Central Bank to enforce every other commercial banks to stop Bitcoin or any other crypto related transactions back in February. Nigerian government is a joke. They labelled it unsafe because it is decentralized. I believe they want all power to themselves and wants to keep her citizen's in a centralised circle.

usernameyaya

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Bank exchange fees between African countries are very high, which is a big problem. Nigeria and Ghana have close trade relations. This is also one of the reasons why the two countries have successively launched digital currencies. This trend will also spread to other countries in Africa. After all, the operation of cryptocurrency is efficient.

teosanru

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Quote from: Dari-phil44 on August 06, 2021, 10:48:26 AM

The central bank of Nigeria (CBN), has reportedly set October 1 as the commencement date for the trial phase of it's digital currency project, dubbed "Project Giant". This digital currency project or the "e-naira" is expected to use the hyper ledger fabric block chain.
The revelation of the launch date for Nigeria's central bank digital currency (CBDC) comes just few months after the central bank governor, said the digital currency will soon come to life. It also comes after the CBN suggested in June that Nigeria would have it's own C DC by the end of the year. With this revelation when confirmed officially, Nigeria will become the second west African nation to announce the pilot phase of it's own digital currency in 2021.
As previously reported, the bank of Ghana is the other country from the region to announce a date for it's digital currency project. In the meantime, the report reveals some of the focus areas that stand to benefit from the roll out of the e-naira. Some of these areas include cross border trade, monetary policy, tax revenue collection and remittance inflows

Nigerian Government is the only government that gave very interesting and valid points in favour of their CDBC which no other country's government gave so far. They stressed the fact that how they would "increase financial inclusion via this and reduce the number of fees spent on inward remittances from abroad". While IMF considers this a shortcut towards financial inclusion, governments around the world are pretty sure this is the best way to beat developed countries in the inclusiveness of their financial systems. Also, CDBC is the only way you would be able both regulate the financial system and enjoy the benefits of cryptocurrencies.

Dari-phil44

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The central bank of Nigeria (CBN), has reportedly set October 1 as the commencement date for the trial phase of it's digital currency project, dubbed "Project Giant". This digital currency project or the "e-naira" is expected to use the hyper ledger fabric block chain.
The revelation of the launch date for Nigeria's central bank digital currency (CBDC) comes just few months after the central bank governor, said the digital currency will soon come to life. It also comes after the CBN suggested in June that Nigeria would have it's own C DC by the end of the year. With this revelation when confirmed officially, Nigeria will become the second west African nation to announce the pilot phase of it's own digital currency in 2021.
As previously reported, the bank of Ghana is the other country from the region to announce a date for it's digital currency project. In the meantime, the report reveals some of the focus areas that stand to benefit from the roll out of the e-naira. Some of these areas include cross border trade, monetary policy, tax revenue collection and remittance inflows

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