The governor of the central bank of Nigeria, Godwin Emefiele, announced recently that the e-naira; Nigeria’s new digital currency will be launched on the 1st of October 2021 which is the official Independence Day celebration of the country.
Its import cannot be overstated and most superstitious Nigerians would wish the majority of Nigerians could get independence from financial struggles through the launch of e-naira; Nigeria’s new digital currency.
Did Nigeria Ban Cryptocurrency/Digital currency?
The Premium times reported “On February 5, the Central Bank of Nigeria (CBN) issued a ruling instructing all financial institutions to stop the facilitation of all transactions involving cryptocurrencies. It also goes further asking all the regulated bodies to identify individuals or organizations engaging in cryptocurrency transactions within their system and shut down their accounts with immediate effect. Finally, the circular noted that failure to adhere to the directives will attract severe regulatory sanctions on the part of the regulated entity.”
Two months after that issue from the central bank of Nigeria, the CBN Governor announced that Nigeria would be developing their own digital currency and even went as far as stating it would be safer and more stable than bitcoin and other cryptocurrencies.
This seeming ban made crypto companies innovate and create new ways of trading cryptocurrencies within the country.
Is Digital Currency the same as Cryptocurrency?
Both currencies are not the same. So, it is safe and clear to say that Nigeria is not about to launch its own cryptocurrency.
See this article on their difference: https://www.ndtv.com/business/digital-currency-vs-cryptocurrency-how-are-they-different-2503481
A digital currency is an electronic form of a country’s fiat currency and is only issued by the government.
Which other countries use Digital Currencies?
Nigeria is pioneering the digital currency move in west Africa, with Ghana closely behind. Ghana is set to launch their own digital currency soon.
Other countries to have successfully launched their digital currencies include the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada.
So, Nigeria is taking a major leap and a really impressive one at that.
This should be totally encouraged.
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