• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
Advertisement

New Convert: Anti-Crypto Central Bank Of Nigeria Set To Launch Digital Naira

Anifowoshe Ibrahim by Anifowoshe Ibrahim
2 years ago
in CBDC
0
Advertisement

The Central Bank of Nigeria (CBN) plans to launch a digital naira pilot program later in October 2021, as part of its central bank digital currency project (CBDC).

Central Bank of Nigeria To Launch Digital Naira

The Central Bank of Nigeria (CBN) has been in the news for its anti-cryptocurrency actions throughout much of 2021. Nonetheless, the institution has increased its investment and research into cryptocurrency’s underlying technology, blockchain, and has set a firm deadline for the launch of its blockchain-powered central bank digital currency pilot project (CBDC).

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

According to the Peoples Gazette, the CBN made the revelation during a webinar on Thursday to stakeholders (July 22, 2021). The Central Bank of Nigeria announced that it would not be left out of the ongoing CBDC activities taking place throughout the world.

Hyperledger fabric blockchain, an enterprise-grade blockchain platform, will be used in the “GIANT” digital currency project. Meanwhile, the central bank stated that the CBDC plan will facilitate cross-border trade while also allowing for macro-management and growth.

The planned digital naira would also help with remittances and monetary policy, as well as financial inclusion and tax collection. The information technology director for the bank, Rakiya Mohammed, disclosed that CBN had been researching since 2017 to develop and adopt the digital currency.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The Central Bank Of Nigeria effort comes as countries around the world expressed interest in embracing digital assets and currencies.

Along with the CBN, the Bank of Ghana has been swiftly approaching the pilot stage for its own central bank digital currency this summer. The country has established itself as a continent leader in CBDC development, believing that central bank-issued digital currencies are superior to and less hazardous than decentralized cryptocurrencies.

The United Arab Emirates (UAE) is also planning to launch a CBDC. Other countries include Vietnam, Israel, South Korea, Jamaica, New Zealand, Japan, France, and Singapore. Meanwhile China (digital yuan), Bahamas (sand dollar), Eastern Caribbean (DCash) are among the few countries that have officially launched their own national digital currency.

Related article | Why Nigeria Could Be The Next Nation To Embrace Bitcoin

Nigeria Banned Crypto Earlier In The Year

Earlier this year, the Central Bank of Nigeria (CBN) outlawed cryptocurrency transactions in the country, warning that they might lead to investment losses, money laundering, terrorism financing, illegal capital flows, and other criminal activity.

In a press release meant to showcase the rationale for the restrictions, the bank said the following:

“Cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion. Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of  the  widespread  use  of  cryptocurrencies  for  illegal  activities.”

Is the launch of the digital naira a turn in policy for the Central Bank?

              BTC/USD close off green after a bloody week. Source:TradingView

Related article | After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

Featured image from Getty Images, Charts from TradingView
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

India CBDC

Indian Retail Chain Enables CBDC Payments In Stores

3 days ago
Digital Yuan

China’s Central Bank Continues Digital Yuan Expansion To 17 More Provinces

6 days ago
CBDC

Saudi Central Bank To Experiment With CBDC

2 weeks ago
Digital Currency

Digital Currency Could Soon Become Legal Tender In Macau – Here’s How

4 months ago
CBDC

India Releases 50-Page CBDC Report – Good Or Bad For The Country’s Crypto?

4 months ago
CBDCs, a bank vault

The Case Against CBDCs In A Capitalist Society: Banks Won’t Be Happy

4 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Crypto Is Here to Stay. Here’s Why You Should Invest...

    5 hours ago
  • Dogecoin (DOGE) and Shiba Inu (SHIB) Bounce While Snowfall...

    5 hours ago
  • Avalanche (AVAX), Gala (GALA), and Orbeon Protocol (ORBN)...

    8 hours ago
  • As Bitcoin And Filecoin Continue To Rise, The Most...

    1 day ago
  • Which Cryptocurrencies You Should Buy – Big Eyes...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.