central bank digital currency (MNBC) launched today

Nigeria’s MNBC launched today

The announcement was made by the country’s central bank. Nigeria’s MNBC will be “activated” today, following an announcement from the president. The institution recalls that this progress is based on several years of research, and meetings with several players in the field, including banks, FinTech solutions operators and merchants.

The Central Bank emphasizes financial inclusion, one of the objectives of the project:

โ€œThe eNaira marks a major milestone in the evolution of money, and the Central Bank is committed to ensuring that the eNaira, like the physical Naira, is accessible to all. “

It is the populations that are the least financially integrated who are targeted in particular, including โ€œthe inhabitants of rural areas and the unbanked populationโ€.

๐Ÿ‘‰ To read – Nigeria: this school accepts cryptocurrencies for the payment of school fees

An MNBC based on Hyperledger Fabrics

Nigeria’s MNBC is based on a private blockchain, developed by Hyperledger Fabrics. To create a portfolio, interested parties will need to provide their identity. The portfolio will be created and managed by the partner financial institutions of the project.

It should be noted that the government will be able to monitor and control all eNaira transactions, which are linked to user information. It is also possible to connect a bank account or a bank card in order to fund your wallet and make transfers, according to the official website of the project.

๐Ÿ‘‰ Learn more about Hyperledger Fabrics

Nigeria, a pioneer in the world?

Nigeria stood out for the speed at which it wanted to issue its MNBC. The country is the first GDP of the African continent, and its entry into the field of digital currencies should be particularly followed.

ENaira has several vocations: it should make it possible, on the one hand, to facilitate remittances to the country, on the part of expatriate Nigeriens. In addition, the government seems to want to offer a payment system to compete with cryptocurrencies, which by nature are not controllable.

It must be said that the inhabitants of Nigeria are particularly followers of cryptos. According to Chainalysis data, the country ranks 6th among the territories with the most cryptocurrency adoption, behind Kenya and ahead of Venezuela. ENaira deviates greatly from the latter, however: it is fully traceable by the government, and users are subject to limits in terms of daily transactions.

๐Ÿ‘‰ More info in our guide to central bank digital currencies (MNBC)

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About the author: Marine Debelloir


Associate Editor 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.

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