Nigeria’s MNBC to be presented soon
According to a communication from the government of Nigeria, the central bank has partnered with Bitt Inc. for the development of its MNBC, after having conducted a call for candidates. The company has experience in this regard: based in Barbados, it has already led several digital currency projects for Central Banks in the Caribbean.
According to the Bank of Nigeria, the MNBC dubbed “e-naira” will be presented during the year 2021. This acceleration is voluntary and aims to follow the global trend, according to the press release:
“Given the significant explosion in the use of digital means of payment, as well as the breakthrough of the digital economy, the decision of the Central Bank of Nigeria follows an unmistakable global trend: more than 85% of central banks now consider adoption of digital currencies. “
👉 More info on central bank digital currencies (MNBC)
Nigeria: the most “crypto-friendly” of countries?
Nigeria is regularly cited among the countries that have adopted cryptocurrencies the most. A recent report from Chainalysis thus indicated that the inhabitants of the country were 6th in the ranking, after Kenya. This is also confirmed by another indicator: Nigeria represents the largest volume of peer-to-peer trade in sub-Saharan Africa.
This had worried the Central Bank of Nigeria, which had taken drastic measures against cryptocurrencies in early 2021. But it had backpedaled in March, and clarified its position. However, the government is counting on the sector: it confirmed at the end of 2020 that it wanted to generate $ 6 billion in revenue by 2030.
👉 On the same subject – Nigeria: this school accepts cryptocurrencies for the payment of tuition fees
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.