Copy link
Increase text size
Decrease text size
Link copied

Nigeria’s central bank digital currency pilot set for October 1

The monetary authority made its announcement on Thursday during a webinar where it presented its digital currency initiative.

Abuja, Nigeria / Image by: Wikimedia Commons

Fri, 23 Jul 2021, 13:30 pm UTC

While it might have banned crypto transactions earlier this year, Nigeria is moving ahead with its central bank digital currency project. The Central Bank of Nigeria (CBN) revealed plans of launching its CBDC pilot scheme by October this year.

The CBN said that it will launch the pilot scheme of Nigeria’s central bank digital currency on October 1, 2021, local publication Peoples Gazette reported. The monetary authority made its announcement on Thursday during a webinar where it presented its digital currency initiative.

In the presentation, the CBN stressed the need for Nigeria to step up its CBDC development. The bank said that around 80 percent of central banks worldwide are already considering the possibility of issuing their own digital currencies.

It took the financial regulatory institution four years from its initial research on how to develop and adopt CBDC before launching its pilot. According to CBN information technology director, Rakiya Mohammed, the bank started its research on digital currencies as early as 2017.

Hyperledger fabric blockchain has been tapped to run the project, which is named GIANT. Hyperledger fabric is an open-source project for developing blockchain-based applications. Mohammed added that the CBN might conduct a proof of concept before the end of 2021.

CBN highlighted the benefits of launching a central bank digital currency such as encouraging financial inclusion among the currently unbanked segment of the population as well as improving remittance and revenue tax collection. It will also allow macro-management and cross-border trade facilitation.

Just like most countries, Nigerian regulators have been struggling on how best to deal with the increasing use of crypto in the country. Nigeria banned crypto transaction in the banking industry in March this year, according to Coindesk.

Central bank-issued digital currencies are touted as a way to counter privately-issued cryptos such as Bitcoin and Ether that have the potential to destabilize the sovereignty of a nation. Nigeria is the world’s world’s second-largest BTC trading market.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $41,961.00 (-1.93%)
  • Ethereum (eth) $2,864.03 (-5.01%)
  • Tether (usdt) $1.00 (-0.27%)
  • Cardano (ada) $2.04 (-2.59%)
  • Binance Coin (bnb) $352.38 (-2.80%)
  • Bitcoin (btc) $41,961.00 (-1.93%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft