Fun

Report: Nigeria to Start Piloting Digital Currency in October

News Feed - 2021-07-24 08:07:05

Report: Nigeria to Start Piloting Digital Currency in October


The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the “e-naira,” is expected to use the Hyperledger Fabric blockchain. CBDC Comes to Life


The revelation of the launch date for Nigeria’s central bank digital currency (CBDC) comes just a few months after central bank governor, Godwin Emefiele, said the digital currency will soon “come to life.” It also comes after the CBN suggested in June that Nigeria would have its own CBDC 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 its own digital currency in 2021. As previously reported by Bitcoin.com News, the Bank of Ghana is the other country from the region to announce a start date for its digital currency project. Culmination of a Long-Running Study


As the Nairametrics report quoting Central Bank of Nigeria IT director Rakiya Mohammed explains, the announcement is the culmination of the central bank’s research into digital currencies which started in 2017. The director added that the CBN might still “conduct a proof of concept before the end of this year.”



In the meantime, the report reveals some of the focus areas that stand to benefit from the rollout of the e-naira. Some of these areas include cross-border trade, monetary policy, tax revenue collection, and remittance inflows.


Do you agree that the CBDC will be beneficial to the broader Nigerian economy? You can share your views in the comments section below. French Central Bank Conducts Fifth Experiment on Tunisia CBDC FINTECH | 2 hours ago Rwanda-Based NGO Partners With Cardano Foundation to Launch ADA Crypto Charity Platform FINTECH | Jul 14, 2021 Tags in this story Bank of Ghana, CBDC, cbn, Central Bank, e-naira, Godwin Emefiele, Hyperledger, Nigeria digital currency


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Thai SEC proposes to revoke license of troubled exchange Zipmex
Derek Andersen4 hours agoThai SEC proposes to revoke license of troubled exchange ZipmexThe Asian digital asset exchange was hit hard by the crypto winter and is finding recovery difficult.1270 Total views3 Total sharesL
Bitcoin buying advised as US enters the ‘looting-the-treasury phase’
Martin Young2 hours agoBitcoin buying advised as US enters the ‘looting-the-treasury phase’Amid rising national debt levels in the United States, influencers on X say Bitcoin is the only realistic solution to sideste
Binance founder should be jailed for 36 months, US prosecutors say
Helen Partz2 hours agoBinance founder should be jailed for 36 months, US prosecutors sayBinance founder and former CEO Changpeng Zhao is expected to be sentenced on April 30 after pleading guilty to money laundering in N
Metaplanet, Semler Scientific were ‘zombie companies’ until Bitcoin, execs say
Brayden Lindrea7 hours agoMetaplanet, Semler Scientific were ‘zombie companies’ until Bitcoin, execs sayShares in Metaplanet and Semler Scientific are up double and triple digits since the firms followed MicroStrateg
$31M Neiro project on Ethereum ‘is a honeypot’ — Wazz
Tristan Greene4 hours ago$31M Neiro project on Ethereum ‘is a honeypot’ — WazzIt’s unclear at this time whether illicit activity has taken place, but a series of red flags has brought the token under scrutiny.171
330,000 Ethereum Withdrawn From Exchanges In 72 Hours – Supply Squeeze Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Nigerian central bank alleges unauthorized transactions by Binance
Amaka Nwaokocha13 hours agoNigerian central bank alleges unauthorized transactions by BinanceBinance’s alleged illegal operations were highlighted in court on July 5, with a central bank official testifying on the lack
Grayscale introduces crypto investment fund that prioritizes staking rewards
Ciaran Lyons3 hours agoGrayscale introduces crypto investment fund that prioritizes staking rewardsInvestors must have assets under management exceeding $1.1 million or a net worth over $2.2 million to qualify for Graysc
Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms 
Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms  Bitcoin fell below $20,000 on Tuesday, as markets prepared for the U.S. midterm elections. Cr
Tom Blackstone5 hours agoPancakeswap integrates Transak for fiat onboarding on multiple chainsPancakeswap now allows users to purchase crypto with debit card, Google Pay, Apple Pay, and other methods through Transak.669
Quadriga CX Trustee Raises $30 Million for Reimbursements to Creditors, Claimants Want $171 Million Instead
Quadriga CX Trustee Raises $30 Million for Reimbursements to Creditors, Claimants Want $171 Million Instead The trustee of the now-defunct crypto exchange, Quadr
Elisha Owusu Akyaw11 hours agoHashing It Out: Roofstock onChain vice president explains how Web3 and real estate interactSanjay Raghavan believes that the tokenization of real estate could bring Web3 adoption and provide