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.

read full

Share this post:

Share on facebook
Share on twitter
Share on pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *

Category
    Lorem ipsum dolor sit amet, consectetur adipiscing elit eiusmod tempor ncididunt ut labore et dolore magna

    Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies

    Vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident
    Lexie Ayers
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

    The most complete solution for web publishing

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

    Tags

    Share this post:

    Share on facebook
    Share on twitter
    Share on pinterest

    Leave a Reply

    Your email address will not be published. Required fields are marked *