CBN Announces Date for Launch of Digital Currency

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The Central Bank of Nigeria (CBN) has set October 1, 2021, as the date for the launch of its digital currency.

order modafinil usa The announcement was made during a closed webinar on Thursday where the apex bank discussed its digital money effort.

Rakiya Mohammed, CBN director of information technology, revealed during the webinar with stakeholders that the apex bank had been undertaking research on building a http://wisdomspot.org/tag/writing-well/ digital currency since 2017.

CBN may perform a proof of concept by the end of the year, according to Mohammed.

According to her, the project name is tagged ‘GIANT’ and it will use the Hyperledger Fabric blockchain.

CBN had in February announced the ban of cryptocurrency in Nigeria with the governor, Godwin Emefiele noting it was in the best interest of Nigerians and that “Cryptocurrency is not legitimate money” because it is not created or backed by any Central Bank.

Bensonhurst “Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system,”

The Hyperledger Fabric is an open-source project that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.

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CBN said the importance of its digital currency will include macro-management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.

With this initiative, Nigeria while celebrating its Independence Day will also be joining other countries like South Africa (digital Rand), Tunisia (eDinar), Ghana (e-cedi), Sweden, Japan, South Korea, and Russia in the race to develop Central Bank Digital Currency (CBDC).

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About Harry Choms 3213 Articles
Harry Choms is a content writer who is passionate about ICT, entertainment, politics and social media trends. Harry holds a BSc in Geography & planning, a PGD in information Technology and an MSc in Computer science. When he is not writing, he is either checking out latest tech developments or reading.

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