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Key Note:
- Less than 0.5% of Nigerians are started utilizing digital currency.
- Government should accept and take a step to make a success of the eNaira.
- Nigeria’s central bank digital currency website was live on 1st Oct 2022.
Unhurried adoption of the Nigerian central bank digital currency happened despite reports to the contrary. Innocent Matshe, a deputy governor of the Reserve Bank of Zimbabwe, recently revealed and announced the plan to launch its cryptocurrency soon. The Central Bank of Nigeria will also send a team to learn from it. Zimbabwe has also purportedly dispatched the teams with the same mission to Ghana and China.
According to the latest report, the central bank of Nigeria has adopted digital currency by 0.5% of the country’s population.
A CBDC aimed at helping unbanked Nigerians was launched in October 2021. However, widespread confusion and general doubt about the ruling nobility have inhibited its adoption among the 218 million people.
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A “petri dish” for economists, politicians, and academics from more than 100 countries, he said, Nigeria served as a “research and development laboratory.” Additionally, many of their CBDCs are already in pilot phases, so they’re monitoring things.
Out of every 200 people, 1 is using eNaira for cryptocurrency. For the ruling nobility, this was a big surprise.
They noticed the Nigerian population needed help to differentiate the absolute discrepancy between the Bitcoin and eNaira digital currency.
Bitcoin adoption is prominent among Nigerians, ranking 11th globally. Further, they generally favor decentralized and unrestricted digital assets over those the state pushes.
Earlier this month, BeInCrypto reported that Nigeria ranked first in global searches for information about Bitcoin and cryptocurrencies. The increasing demand for crypto came after the central bank banned banks from servicing crypto exchanges in February 2021.
A report by BeInCrypto released in August revealed that Nigeria topped global search trends for information about Bitcoin and cryptocurrencies. The central bank banned crypto exchanges in February 2021, which led to a surge in demand for crypto.
According to Giambruno, it is a victory for freedom. China and other countries considering CBDC deployment could now follow Nigeria’s lead.
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China, Russia, Kazakhstan, Thailand, and Saudi Arabia are among the 15 countries piloting CBDCs at the moment, according to the Atlantic Council. Developing state-controlled digital currencies is an obvious move for authoritarian regimes like these.
A CBDC linked to national digital IDs was the subject of a report by BeInCrypto earlier this week. A government with autocratic control over its citizens’ spending and where they spend it could monitor and control their spending at any time.
Nigerians have widely rejected a CBDC due to their leaders’ agenda.
(Disclaimer: It is the experts’ own opinions, views, and suggestions that are presented. These do not represent the views of the DigitalCoinPrice)