eNaira will continue to circulate alongside its fiat counterpart, promising a faster, cheaper and more secure option for monetary transactions.
Nigeria News
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Nigeria’s central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira.
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With much of the Nigerian crypto market underground or peer-to-peer due to government restrictions, the country’s securities regulator is looking into ways to make investors safer.
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The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April.
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The CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC.
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The report indicates that the adoption of crypto assets jumped 880% worldwide, with peer-to-peer platforms driving cryptocurrency usage in emerging economies.
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Nigerians are still hungry for crypto despite the central bank’s efforts to quash it.
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The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on Oct. 1.
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"We believe one day digital money will gain more acceptance than paper money,” said school director Sabi’u Musa Haruna.
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Nigeria’s government is looking to drive blockchain adoption as part of its plans to establish emerging technology centers across the country.
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The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions.
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Emefiele said the Nigerian government will do its best to prevent crypto from being used to finance illicit activities.
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One Nigerian explains the benefits of Bitcoin from an alternate angle.
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After a successful run in Nigeria, Quidax announced global expansion plans and the launch of its native token, QDX.
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George Residence in Lagos has announced plans to start accepting BTC payments. The company has already converted 50% of its balance sheet to Bitcoin.
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