Nigeria: Following the problems in the crypto market, CBN is considering launching Enaira in October


There are important expectations that the eNaira currency will be launched by the Central Bank of Nigeria (CBN) this October, especially since the Nigerian cryptocurrency market has had several traitors recently.

In February, Apex Bank issued a circular to commercial banks warning of the risks of accepting cryptocurrencies as the virtual currency in Nigeria was not yet insured or regulated by CBN. With this recommendation, banks have stopped transactions with many crypto-based virtual marketing platforms that are experiencing flooding.

However, as the most radical departure from the initial stance of staying away from the digital currency area, CBN recently announced that it will launch its digital currency pilot on October 1st.

Apex Bank's IT director, Rakiya Mohammed, announced during a webinar that the bank has been researching its digital currency since 2017 and may have a proof of concept before the end of the year.

Mohammed further announced that with the tag "Project GIANT" the project would use the Hyperledger Fabric blockchain.

Prior to that announcement, CBN Governor Godwin Emefiele announced that the bank would work on a digital currency during the 306th session of the banking committee.

CBN also showed that the importance of eNaira includes macro management and growth, cross-border trade facilitation, financial inclusion, monetary effectiveness, improved payment efficiency, income tax collection, improved remittances and targeted social interventions.

Before taking this bold move, the CBN expressed concern about illegal cash flows and the apparent ability of cryptocurrencies to enter and leave Nigeria unannounced and untaxed.

The Daily Trust also noted that India, like Nigeria, intends to pass the "Cryptocurrency and Regulation of Official Digital Currency Bill" to "provide a facilitating framework for the creation of the official digital currency issued by the Reserve Bank of India".

The President of the European Central Bank (ECB), Christine Lagarde, leads the campaign for a digital euro, but does not see the flagship crypto, bitcoin and other cryptos as ideal for payment.

In the United States, JP Morgan Chase, the largest bank, tested "JPMCoin" based on blockchain technology in February 2019. The advantage for Nigeria is that the country that already holds crude oil proceeds on the JP Morgan / NNPC / CBN account can use the 'JPMCoin' to request the daily transfer of the sales proceeds and receive it immediately, free of charge and without delay, no fee, according to the records.

Sign up for the free AllAfrica newsletter

Get the latest news from Africa delivered to your inbox

Success!

Almost finished...

We need to confirm your email address.

To complete the process, please follow the instructions in the email we just sent you.

Error!

There was a problem processing your submission. Please try again later.

Financial analysts have also thrown their weight behind this move. The economist and founding partner of Biodun Adedipe Associates, Dr. Biodun Adedipe, told Daily Trust, “I told the CBN in a recent engagement that the way is to encourage this, because behind crypto is blockchain technology and there is a whole lot that goes beyond crypto does.

“If you want to encourage investment in this sector, you'd better be promoting crypto too, but set the standard and think about developing eNaira. I gave them the idea to develop eNaira.

"Once they have a framework for banks and everyone who participates in this area, they would set the pace and not catch up."

For his part, Kalu Aja, a financial technology expert, said that if CBN deployed eNaira it would create a crypto clearing house and facilitate instant international transfers between local and international banks as well as boost transfers.

“There's no need to transfer money or hire a department to review and track payments. For example, Nigerian airlines can send dollars to service their planes, and CBN can create an export window where export earnings can instantly flow back in a cryptocurrency. "

https://dailyaffiliatemarketingnews.com/nigeria-following-the-problems-in-the-crypto-market-cbn-is-considering-launching-enaira-in-october/

Comments

Post a Comment

Popular posts from this blog

Chia Coin Crypto Mining: Try Chia with 16 TB Sabrent SSDs

Image
introduction I avoided writing about cryptocurrency mining articles, but I had to check out Chia cryptocurrency mining when it hit my radar a few months ago. After really immersing myself in Ethereum mining a few years ago and still paying the electricity bill many years later, mining with my SSD sounded like fun. VIEW GALLERY - 17 PICTURES Sabrent got in touch and pretty much packed 4 x 4 TB Rocket NVMe PCIe 3.0 M.2 SSDs and an ASUS Hyper M.2 X16 Card V2 that supports the 4 x NVMe M.2 SSDs. In total, I have 16TB of super-fast PCIe 3.0-based NVMe SSD storage to play around with - it feels so utterly overwhelming to have 16TB of flash storage in my computer, but I love it. It continues with its use for the best cause - for mining chia crypto coins. At first I was so very hesitant, I wanted to do an article for Sabrent, but then using the SSDs for chia coin mining feels like hardware abuse. It's different than having your GPU working 24/7 for crypto mining because you can do i...
Read more

8 Free Social Media Advertising Programs That Will not Put You to Sleep

Image
Greater than half of the world’s inhabitants makes use of social media as we speak for nearly each side of life. This makes it a staple in any digital advertising technique, however with a number of quickly evolving platforms, it’s a little bit of a beast to harness for enterprise progress. The opposite drawback, as you’ll quickly be taught, is that discovering a free social media advertising course that's truly price your time is tougher than it needs to be. Which is why I’m excited to share with you my checklist of eight programs that make for fascinating and related on-line studying experiences. Every course covers a barely totally different side of social media advertising, together with: Model constructing and search engine optimisation Technique constructing and monitoring Social listening and monitoring Fb and Instagram promoting Influencer advertising TikTok advertising and promoting Variety and inclusivity in social media Paid social methods In two hours or much less Earli...
Read more

Would you like to leave corporate content marketing for a startup? Here's what I would have known

After more than five years in the corporate environment, you are hungry for change. Marketing trends seem like tectonic plates shifting beneath you, but you stand still right where you were a few years ago. Professionally, you feel the need to join a startup - because of its speed and ambitious OKRs, its culture lessons, its need for experimentation, its actual customer and user obsession, its everyday mentality. In your opinion, your career depends on these experiences. You have the feeling that your career could stall otherwise. But there are a few things you should know before joining. Feel the turbulence in your bone bon In your past jobs at market giants, most of the days and weeks felt the same. Aside from a historic deal that was won or lost, a tough week or month has a similar emotional tenor as a good week or month. At the start, your experience will mimic the dynamics of a concert: euphoric highs mixed with some heartbreaking lows. Most days, however, will be exciting. ...
Read more