Fun

Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies

News Feed - 2021-10-07 09:10:00

Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies


Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it “easier for the naira to be widely used and accepted.” E-Naira Launch a Boon for Cryptos


In fact, according to a VOA report, some Nigerian blockchain experts like Janet Kaatyo believe the e-naira launch will work in favor of cryptocurrencies. Prior to the Central Bank of Nigeria (CBN)’s February directive, cryptocurrency usage and trading in Nigeria had surged due in part to pandemic-related movement restrictions.


However, this growing popularity as well as the depreciation of the naira eventually forced the CBN to act. Soon after ordering banks to squeeze out crypto players, the CBN began promoting the e-naira which it claimed would “ease monetary transactions and improve the long-term value of Nigeria’s currency.” CBDC Role in Fighting Corruption


While the CBN has yet to announce the new launch date for the e-naira, some Nigerians like Daniel Yerimah, a digital strategist, are still hopeful this central bank digital currency (when rolled out) will help authorities curb corruption and money laundering.


“Everything built on blockchain is very safe and secure. Another thing again is it’s universal, parts of the benefits they intend to achieve with the eNaira is it will be used for both international and local trade and also it’s going to be to fight corruption,” the report quotes Yerimah explaining.



Despite the optimism exhibited by both the CBN and blockchain experts, there are ongoing concerns “the emergence of CBDCs will cut off roles played by intermediary banks and give the central bank more control over citizens’ financial rights,” the report notes. Still, another Nigerian blockchain expert, Jadel Chidi, says he disagrees.


Instead, Chidi says he foresees the CBN eventually creating “a portal where each e-naira user will be able to access their e-wallet through the database they already have with their bank.”


Do you agree that the emergence of the e-naira will help curb corruption and money laundering? Tell us what you think in the comments section below. Nigerian Court Paves Way for CBDC Rollout, Suggests "Plaintiff May Be Adequately Compensated" FINTECH | 3 days ago Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund FINTECH | 6 days ago Tags in this story Blockchain, CBDC, CBN crypto, Central Bank of Nigeria, e-naira, e-naira launch, e-Wallet


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

US-based OANDA gets green light to offer crypto trading in the UK
Prashant Jha14 hours agoUS-based OANDA gets green light to offer crypto trading in the UKOANDA’s new crypto platform will offer 63 crypto trading pairs to begin with and will expand its services further.2143 Total view
Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase
Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase On April 6, 2023, Bitcoin’s difficulty rose 2.23% higher at block height 784,224, touching anot
Sharktron Defi Project Devs Exit Scam: Tron Foundation Says Part of Missing Funds Now Frozen
Sharktron Defi Project Devs Exit Scam: Tron Foundation Says Part of Missing Funds Now Frozen Developers of the Sharktron defi project have exit scammed with repo
Crypto Exchange FTX Partners With AZA Finance ‘to Expand the Adoption of Web3 and Digital Currencies in Africa’
Crypto Exchange FTX Partners With AZA Finance "to Expand the Adoption of Web3 and Digital Currencies in Africa" Sam Bankman-Fried’s FTX is partnering with AZA Finance to exp
Goldman Sachs CEO Sees Good Chance of Recession — Advises Investors to Be Cautious, Prepare for More Difficult Environment
Goldman Sachs CEO Sees Good Chance of Recession — Advises Investors to Be Cautious, Prepare for More Difficult Environment The CEO of global investment bank Goldman Sachs, David
How blockchain-based voting can restore trust in the electoral process
Zoltan Vardai11 hours agoHow blockchain-based voting can restore trust in the electoral processBrian Rose also aims to implement a new London cryptocurrency to promote financial education in the Greater London area.811 T
Bitcoin Bollinger Band signal suggests BTC could double by July
Tom Mitchelhill7 hours agoBitcoin Bollinger Band signal suggests BTC could double by JulyA widely used technical analysis indicator suggests that Bitcoin could double its price within three months.6017 Total views17 Tota
A Solution To the Blockchain Scalability Problem – Meet Jax.Network
A Solution To the Blockchain Scalability Problem – Meet Jax.NetworkBeing the next step in the evolution of human civilization, blockchain technology still hasn’t been mass-a
South African Regulator Pressures Bitcoin Investment Company, Urges Clients to Request Refunds
South African Regulator Pressures Bitcoin Investment Company, Urges Clients to Request RefundsAn embattled bitcoin investment company, Mirror Trading International (MTI)’s tro
$7 In Sight: Analyst Turns Bullish On XRP’s Price Trajectory
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
Tether expands AI operations with global recruitment drive for top-tier talent
Tristan Greene5 hours agoTether expands AI operations with global recruitment drive for top-tier talentTether intends to “set new industry standards” with its open-source AI operations.1023 Total views9 Total sharesL
Turner Wright8 hours agoFormer MAS chair who called crypto ‘highly risky’ wins Singapore’s presidential raceTharman Shanmugaratnam has served as Singapore’s finance minister and the head of the country’s financ