Bitcoin Forum

After the delay because of 61st independence anniversary (https://www.coindesk.com/business/2021/10/23/nigeria-to-launch-its-enaira-digital-currency-on-monday-report/)
https://i.imgur.com/oOnbVoH.png

This news of launch of the Enaira has been coming but delayed because of one logistics or another and the anniversary celebration but now it is getting to be launched by the CBN. This is suppose to reduce the pressure on fiat and make the naira easily accessible on the digital space meaning anybody from whatever planet can easily make transaction on the naira home and abroad.
How do you see this launch and how do you think it will impact on the Nigerian economic especially as it is going to help create easy payment platform.

negative or positive

Somehow, I doubt nigeria's central bank e-currency will do better than venezuela launching the petro.

https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

There are wealthier and more prosperous nations of the world, whose banking industries use crypto for cross border transactions and collateral. Due to it being more affordable, convenient and quick than their own native financial systems.

Governments and central banks may not be best suited for developmental work.

The US healthcare reform website for affordable care act sign ups costed close to $1 billion dollars. Despite not supporting special features or anything known for being particularly resource intensive.

I believe what Nigeria has launched is just a digital version of their fiat money which is structurally different than petro, which was a cryptocurrency. While the price of petro was decided by few external factors, that would not be the case of Digital Naira.

The closest we can compare Enaira is with Digital Yuan. From the perspective of government, it makes complete sense because it saves money and grants surveillance capabilities to thw government.

This should show us the ineptitude of governments, how bad it had to be that this is probably the worst coin ever released and that is saying something when the market of altcoins is full of scams and inept developers, governments are applying the old tactic ‘if you cannot beat them join them’ they are trying to deceive people into thinking that since their digital currency is backed by them then it is better than bitcoin, it seems they are unable to understand that the whole point of bitcoin is to have a currency they cannot manipulate.

What would you expect?

Its never been surprising that government would create out something which is really just like digital currencies and yes it had been started off already with digital Yuan which means that sooner or later we would really be seeing same step made out by different countries.

Crypto might be the new trend but of course there would be someone would really be that keen on creating these things
which are typically fiat itself on digitalized manner.

So nothing surprising or something new on here.

Enaira is just the digital version of naira? I think that's better rather than will make their own crypto to be used by their people.

The effect of it will depend likely to how usual their citizens use it. If there's a fee then there's going to be a boost to its economy but as long as it's accessible and affordable, I think it will do good to their people.

The real problem of Naira is not to create accessibility of the currency the government should as a matter urgency come up with policy that will make Naira Strong again because this is part of the promise by the current president during his electionian campaign and not to make it accessable. The government of the day should channel their energy to the issue of Electricity, education, revamp old and new industry as that is only way Naira can be more valuable as compared to what it is now.

The petro was just a joke, a currency supposedly backed by oil or gold or whatever he last proposed to be, a simple fork of an altcoin, a failed ICO to drive value up, in short, pure garbage.
The e-naira doesn't have any of those problems, they are issued by their central bank at a fixed 1:1 rate, they have total control over it, there is no mining, no real blockchain, no nodes, just like Paypal USD, some number in an account that can be changed or erased at will.

In terms of failing there are very little chance of doing so, if the government makes this type of payment mandatory for some activities then you have no choice but to use it, same for banks, if they issue loans to each other or to the customer under this, you'll have to use it. But again, the way it is designed shows zero to no advantages over traditional digital payments, you won't pay fees but the system will have to be subsidized by the government and that money still come from your pocket.

What is the difference between e-naira and electronic transfer of naira using bank account in term of this? The bank electronic transfer is able to ease what you are talking about.

It is like someone is having headache but seeking for malaria drug, that is how I see the e-naira. With the state of things in Nigeria, the economic development is retarding and the poverty rate is increasing but the government created e-naira and embezzled some money.

People will even pay fees, it is said the fee will be low, I still do not know what the difference is between the traditional fiat in digital form and the so called e-naira, the governments are only fooling people.

When such decisions are made at the state level, regarding the introduction of cryptocurrencies, then I think this will have a detrimental effect on the country's economy. Though I have always been for, for the popularization of cryptocurrency in the world, but fiat should also exist on a par with cryptocurrency, because without fiat, there will be no such price tags for coins ... Imagine if fiat disappears at all, what will happen to the prices of cryptocurrencies?

I suggest everyone mention "Enaira" as "eNaira". That's the proper way of using it because some people might confuse it as something else. Maybe a company name or something. I'm pretty sure that I'm one of them lol.

I do hope that they manage to solve/hit the objectives on what eNaira is for.

• Aid financial inclusion
• Improve payment efficiency
• Improve revenue and tax collection, targeted social interventions
• Diaspora payment

Source: https://www.bbc.com/pidgin/tori-59034459

I do hope it becomes a useful thing for everyone and could help everyone in need with this currency.

I don't imagine Nigeria, have a genius mind about digital currency, i try to see about: Same ENaira. More Possibilities (https://www.enaira.gov.ng/), this is something great app/digital currency i've seen live included transaction app, honestly, i feel jealous of the banking government in nigeria implementing its best ideas, for the economic growth of its people.

Of course, I believe the goal of launching the ENaira application/digital currency in Nigeria, will have a positive impact on the people there, with the support of the relevant officials, will add to the best in the future, success for crypto users in Nigeria.

Nigeria might have made history of becoming the first African country to launch its digital currency. Good step right there but useless one. Enaira is just an online digital currency that runs on the Internet, something similar to internet banking and nothing more.  :(

This good news coming from Africa will certainly make the African economic sector better. The digital currency E-naira is expected to increase the country's GDP and fight inflation well. The launch of E-Naira has the potential to increase Nigeria's Gross domestic product by up to $29 billion over the next decade.
The digital currency launched by Nigeria is able to drive faster and more efficient payments and is cost-effective and does not require intermediaries anymore.
Transactions can be monitored better which will curb black market transactions.

How? Countries centralized digital currencies are just not different from fiat.

The creation of countries digital currencies does not mean the end of fiat, both will be existing together

The price of countries digital currencies are pegged with their fiat price, just like e-naira is pegged with naira.

Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.

Nigeria's e-Naira is one of the first CBDCs in the world, and it's a great idea as it may help facilitate mass adoption of digital currency and or cashless transactions in the country. However, there's be a controversy on whether e-Naira is a crypto or not.

I would say e-Naira is not but a Central Bank Digital Currency (CBDC). It's legal, centralized, and government backed as a legal tender unlike crypto which is private issued and not accepted as a legal tender. I just hope the government will be open-minded, just like the US, to consider allowing crypto transactions in a regulated manner. Harmonizing crypto with e-Naira can really fuel the mass adoption of the ẹ-Naira.

Any legalized or simply still centralized do means that it wont be called totally as a cryptocurrency because it is totally opposing the true essence of

decentralization and these things are just CBDC's and we know that theyre centralized or simply just like with fiat money which it isn't surprising

that government would really be making these things rather than on accepting or making decentralized coins to get in but well this do excludes out to
those countries which do really recognized bitcoin or some altcoins.

How can money, digital or physical fight inflation? Can you give us an example?
Second, how can money produce more money by simply changing it from cash to digital?
29 billion, nearly 10% of your GDP rise from this, highly doubtful, this is a paper on the impact of ekrona in sweden (https://www.riksbank.se/globalassets/media/rapporter/pov/artiklar/engelska/2018/181105/20183-the-e-krona-and-the-macroeconomy.pdf) GDP is mentioned only once as probable but without ways of calculating or determining it.
This is a study spanning over 2 years and shows inconclusive effects and yet Nigerian officials have managed to see 10 years in the future with precise data.


I feel like I'm reading the whitepaper of its coins, let's not call it straight-out propaganda!
I have a feeling you just copied something an official said when praising himself what great achievements this magical coin will manage!


If it uses cryptography it's a cryptocurrency, simple as that, a cryptocurrency doesn't have to be decentralized or to even run on a public blockchain to be classified as such, just as an electric vehicle running on batteries doens't have to be a car.

Well, it is not really bad for the fact that you can be able to make use of it whether you’re home or abroad.
It is going to be helpful to Nigerians who are living abroad, because I am guessing that they wouldn’t have to go to the bank to be able to send money to their families at home, and also the money is going to be instant right?

But, what true bitcoin and crypto fans are not going to like about the E-Naira is the fact that it is still the same Naira which has been losing value for years now, although this time in a digital form, but still making no difference. You would definitely choose to hold bitcoin and Ethereum than to hold this E-Naira.

The question we need to ask ourselves is will this E naira boost the the economy , this new digital currency still operates like E-transaction in the banks . But let's see how it goes at the end. I'm hoping it works fine for good.

I think it is naive to think that this means that the government of Nigeria is going to welcome with open arms other coins that are nothing more but superior competitors to what they are offering, if anything this is going to be used as an argument to try to ban them, they will argue that there is now no need for the use of bitcoin as now people can use their digital currency, so I expect the opposite, most likely we are going to see a ban on cryptocurrencies, but I think the people of Nigeria are smarter than that and will keep using their bitcoin despite of what their government says.

Everything cant be known until we do see on what are the steps and decisions that they do made out but you did actually said a solid point that whenever they do tend to create something their own coin then its normal to think that they will really be focusing more than on this one compared on
other coins existence.

If they do still welcome out other options then it would be great but its most likely there would be some prohibition because  basing off with the
very basics on how government do handle things up then i wont be surprised if they would really stick into that.

For now lets see on how this would end up.

It is definitely a method that connects the whole world to Nigeria, or maybe vice versa. However, that is the problem at the same time, crypto connects the whole world together, this one connects Nigeria to the whole world, it is limited by in nature. So that is why I believe that there is a good chance we may end up with something that is worse than crypto, plus there is decentralization lack as well, since it is government made, it is also something that people may not like so much.

When you have something that is so centralized, it is unfair to all other crypto that worked hard to become decentralized and let the people have the power. It is not even cryptocurrency by the logic of the coins, it is something totally different and that is why there is nothing we should be looking at here and say that it is beneficial to anyone. Maybe Nigerians a bit, but even they would be better if Nigerian government let them use crypto instead.

Expect more more that will do the same in the future, it's not surprising because it had been started so everyone will become interested as well such how it feels and what benefits that they can get when it comes using digital currency.. And how it will give an impact? Well obviously it depends on the amount of people that will used such way of storing money and making transactions using their very own digital currency within the country for short it all depends on the demand.. Indeed we are high tech now perhaps it will click like what happened to other countries that implement such thing..

With a perfect timing and proper implementation, we can really see the success of Digital currency in the future. Even if this is a fiat money, many are into online now and tend to use more on their online transactions so if there’s a demand this is a good strategy for Nigeria. Let’s just see if they still adopt cryptocurrency now that they already have their of digital currency.

The best cause I see for CBDCs is that, usage of cash i.e.; paper money will be very much reduced which will save enough paper as well as environment too as trees and various other resources used in the making of these paper money will now be relieved. This will help us fight global warming that's killing the temperature everywhere due to nature being played by human for his own benefits. I believe this should have happened way before already but thanks to crypto that opened the eyes of sleeping banking systems and governments, people are now seeing a change in their old traditional banking system and services. Now Nigerians will go digital as this eNaira will help a lot of people understand what is digital money, which will also help crypto for more adoption.

The question now should be whether this new currency will be
 used, what purposes will it serve?
The excitement and focus should not be on the launching of the coin alone

You are congratulating government that dont want to embrace another cryptocurrency, is not the same government leaders that restricted their banks not to partner with cryptocurrencies especially bitcoin, is not the same set of group that has been castigating bitcoin and refused to legalize it's adoption to her people, but right now eNaira as a digital currency has been endorse and launched, while without the awareness of bitcoin which they refuted, the ideology of eNaira digital currency wont have be enshrined.

I honestly don't understand how this eNaira is different from naira? both have the same purpose, so why create eNaira if cryptocurrencies already exist? if they already have naira? it looks like the nigerian government refuses to accept cryptocurrencies so to get their people to stop using cryptocurrencies they went to create this enaira

E naira on air,and I'm seeing it everywhere on the net but i ask myself:
*What is these E naira ? I have tried to evaluate the phenomenon of how it will bring rise to the positive difference between the fiat money and the E-naira

*what is these e-naira classified as ?
Crypto?

*how is e-naira going to change and lift inflation in the countries that use naira as a currency?
With these,i can comprehend fully how it works

As I have said multiple times on this platform regarding CDBCs that, any cryptocurrency launched in name of CDBC is going to be like this only, it would just use the blockchain technology to ensure the transactions are secure and there is no fake currency revolving around in the market other than that it won't carry any feature of traditional crypto, the supply would always be controlled by the country that is issuing the currency which means it will just be fiat repacked into a digital form, you would not enjoy all the benefits of crypto. This decision of Nigeria might help them in increasing Financial Inclusivity in the country but won't help crypto market in any manner.

You have a point, maybe I am getting too ahead of myself and the events by my prediction as there is always the possibility that they are going to be open about it and they will allow their citizens to use bitcoin in whatever way they want, however when we look at some of few examples where we saw something similar  to this we can see the governments immediately moved against bitcoin in order to force people to use their cryptocurrency, so I have a suspicion this is what it will happen at Nigeria.

eNaira will serve for online transactions and they created their own digital currency so they can control it, control taxes from it and monitor all the transactions, this is their main reason and adopting cryptocurrency is not yet their purpose. Though hopefully, they will still allow their people to invest on cryptocurrency because this is way better compare to any fiat digital currency.

They had already make out their coin then for sure they would be most likely be trying out their best on marketing out their own coin to be used and people wont really be that suggesting on going

further with other crypto but actually they couldnt really stop out the citizens if they do really want to get engaged with other cryptocurrency as well yet everything is  really accessible.

We've seen some countries fully adopting Bitcoin and we've seen some of them create their own ending up on being CBDC's which it isnt really surprising that they would
really be focusing the most on where they do saw that could be possibly controlled.

eNaira is no cryptocurency instead it's a digital currency that's controlled by the Nigerian government. It's just the electronical form of our physical Naira currency. There would be no price volatility with eNaira as we have with cryptocurency like Bitcoin etc so it's more of a stablecoin. There's no similarities between cryptocurrency and eNaira excluding the fact that both are digitalized.

The Nigerian government haven't been the best supporter of cryptocurrency especially Bitcoin as it hasn't favoured them so far. In the past crowdfunding has been organized using Bitcoin that was used to sponsor the protest that caused havoc in the country. This crowdfunding was supported and hosted on twitter which resulted to the ban of the social media platform in the country but they won't review that as the cause.

Of course the government is promoting their eNaira as a better alternative to Bitcoin but the citizens won't buy into their lies immediately they realize they can't profit from holding eNaira like with Bitcoin.