Bitcoin Forum

The development of cryptocurrency especially bitcoin keep on circulating as a moving train, some countries are using methods to initiate their personal coin, because i could remember vividly that some countries restricted the adoption of cryptocurrency especially bitcoin in her country, which Nigeria was one of it, but currently the above mentioned country have directly develop her own coin named eNaira digital currency with the collaboration of their central bank governor and Central Bank of Nigeria (CBN) this eNaira has be launched and the reason will be view here through the source link. https://www.premiumtimesng.com/news/top-news/491623-why-i-approved-cbns-plan-to-launch-enaira-buhari.html president receiving eNaira digital currency

 https://i.ibb.co/hV0MjLt/248000738-5004553646238899-2120081590175422064-n.jpg (https://ibb.co/PgkYnFf)

https://i.ibb.co/XVQ4pK3/Screenshot-20211025-225017.png (https://ibb.co/yV9R5ZY) https://i.ibb.co/c6mNLbQ/Screenshot-20211025-224741.png (https://ibb.co/48Qjdsp)
Source: https://www.premiumtimesng.com/news/headlines/491610-nigerias-enaira-goes-live-after-official-launch-by-buhari.html

Having a country digital currency is absolutely good, but the challenge is that can the country regulates her currency well, and what's the objectives of developing a country digital currency.

I'm curious about the differences between a "digital" currency and a non-"digital" currency. It appears to me that the digital currency is different only in that it bypasses banks -- you have an account at the central bank and the payment system is run by the central bank.

As far as I know, there is no big difference at all except that the "digital" currency  will be the very same old centralized fiat currency prone to inflation but in code. Nothing special.
It's akin to making transfers and online payments using USD but through services like Paypal, Webmoney, Skrill etc
People will still face exorbitant fee and exchange rate hurdles, No complete control of funds in digital wallets, No store of value, No privacy etc

This is not even close to the purpose of cryptocurrencies, especially Bitcoin

It is impossible to find a difference between the traditional fiat of Nigeria and the launched eNaira. A country creating its own cryptocurrency and launching it is really a big thing, because several countries stay in fear on such a development. Even now eNaira looks like the traditional fiat in the digital form. Maybe over the time the increasing usage will result with the development progress as it is very early to make a statement. One thing if it is developed over the platform to have limited number of eNaira then it'll succeed atleast within the country.

This is how it seems to me, after all the central bank of Niger is still in control of the eNaira, and am pretty sure soon all the Nigerian banks will adopt the eNaira into their system and it will be something of choice for the Nigerian people, either choose to use the eNaira or the traditional fiat currency, this is everything centralise and far from what cryptocurrency (btc) propagate.

And from my perception it seems that the eNaira is also in control of the central bank of Nigeria, which is very obvious that both, the fiat currency and the digital eNaira currency is centralized currency base on the view, and I don't think is every body living in, will adopt the uses of eNaira currency for transaction instead of fiat currency.

So, I will like to see how this digital currency (GovCoin) are going to function. Do the government have control over the coin cap? Can they increase and decrease the coin cap without consensus and do they have a decentralized network of full nodes that are not owned and operated by the government?

These are the areas of concern with "GovCoins" like this.... if they (government) have control over the coin supply, then the owners of those tokens (coins) are f#@%ed... because the government then control the value of those coins.  ::)

The choices still stands, users will have to choose between e-naira or fiat currency which makes the whole idea 'same old' thing, I don't expect any kind of better improvement with this news, same FIAT same Stable currency, thanks to volatility coins people are making money each and every day and Fiat isn't helping

CDBC's can not really be considered as crypto currencies even though there are some similarities like the use of blockchain for example. Therefore, I think the topic can be discussed in the context of alternative currencies, but certainly not in the context of cryptocurrencies

Since eNira was a new term for me, I did some research and came up with this interesting article which explains it very well. It supports my words above.

https://techpoint.africa/2021/08/03/experts-enaira-cbdc/

The reason why these digital currencies might not work out is because even though they might be digitalized but they are still controlled by the government, making them close to fiat, they can be used online but what are the bank cards for ? From delusional advertising by the visa I do believe that everyone is now aiming to become as close as they can to bitcoins to get free advertising. The reason why these governments are banning bitcoins is to deviate all these people towards their CDBC's, which can get a push start. I think they would be somewhat between the stocks and fiats, heavily controlled, won't be taxed to attract the people and thus they would be more or so non volatile.

Both are the same as centralized currencies in that they only aim to convert to the bigital system. Indistinguishable from crypto functionality that gives freedom. Naira refers to the real currency value. Broadly speaking this is only made for the purpose of adjusting between manual payments and digital payments.

Except for Nigeria, which launches cryptocurrencies with a decentralized system, but usually comes from a particular community or company.

I don't know, just imagining that digital money will not have a significant difference in the transaction mechanism with digital values issued by local banks so far. The risk of future inflation may be greater if the procedure for increasing supply is not as complicated as making physical money.

My question is, do you have to show your identity to hold eNaira or are you not restricted by nationality?

Do you mean being able to control the exchange rate? I don't agree with this statement. The main influencing factor on the exchange rate in general is still carried as it was.

I have like very very big confusion about the whole thing these countries are doing now and then. Many countries are thinking of and some of them like China, Russia, and now Nigeria are trying to create their own digital currency.

The big question is why now? What changed suddenly which is making them do these acts?
I can only think of one reason and that’s peeps going from Fiat system to crypto system because they love the freedom that the crypto is giving. Okay, whatever that reason is that was out of many facts and pros over the traditional Fiat system.

They don’t understand peeps won’t switch to national digital coins because at the end they are nothing but regulated coins and more or less they are Fiat only.

Anyways, congrats to Nigeria upon stepping forward for this.

Government reap many profits? Hummmm? Then what about the people, there will be no change at all and you know they just restricted their people from attraining financial freedom by this launch but I don't think the launch of their digital currency is not going to create any demand shock related to the decentralized crypto like bitcoin, still people are going to match towards what they're dreaming about.

We should all ask ourselves a very simple and straightforward question: is CBDC something that arises from the real needs of central banks, or is it the result of the fear that governments have of the growing popularity of Bitcoin and some other altcoins? It may be both, but I think the latter is a much more significant reason why governments of different countries are working on their development. The ultimate goal is to maintain control over the financial system, and centralized digital currency is a real nightmare for every user when it comes to privacy.

I read the article from the link posted by @tyz and there are some interesting things, like a statement like this :


Time will tell what will happen with this project, but it seems to me that it will share the fate of the Petro project in Venezuela, pompously announced, today no one is talking about it anymore.

Seeing the current situation of Nigeria, there really isn't much that the nirmal people there can do to adapt in such a technology. I mean, if they have such power to make such innovative measures, then might as well, fix the econimical problems first rather than jumping on into the new trend head first. Man, I just hope that normal nigerian people will he able to adjust and that not only the well off prople would he able to take advantage of this.

I think their country official are joining the trends because there are already many countries that already adopt bitcoin to their country.
It's not bad for me, maybe this is their innovation to bring prosperous to their country, if they manage it well and their decisions are on point this could become a good decision.

People can send eNaira to you (if you have eNaira wallet) through the eNaira wallet (wallet-to-wallet transfer without the bank getting involved), but anyone that wants to make use of eNaira will depend on Nigerian bank he/she has account with for registration. CBDCs may/will also differ from country to country and this is about eNaira specifically.

Maybe this can change about eNaira later, but when it was launched yesterday, the service was and currently is only available for people that have bank accounts. If you want to register, you will have to register with your bank (it displayed 'log in with bank'), you will click on any bank you have account with, then follow the registration steps. Which means, anyone that wants to make use of eNaira still have to depend on the banks while also Bank verification number (BVN) and any email linked to someones BVN is necessary for confirmation.

Unfortunately, that author seems to lack some understanding about how money works:


All currencies are created digitally, except for the small portion made up of paper and coins.


The Naira is also not backed by physical cash.

This eNaira launching in Nigeria is just another kind of way to steal money. To me, anything digital currency should be Transparent. There is no Transparency in any kind of eNaira digital currency usage. The transaction is not transparent and its look just like a centralized digital nonsense.
To me, Nigerian government wanna make things easy for themselves by stealing more money by minting more centralized digital currency to thier wallets).
eNaira have not been mentioned to relate to anything related to blockchain

Did I just understand what you were trying to mean?

The eNaira is just a digital currency, not a cryptocurrency. It's just a digital form of Naira. So you can't compare it with crypto. It doesn't offer any freedom like crypto does

I would like anyone from Nigeria to confirm this. Don't you people have services there where one can digitally transfer money from one person to another?
How different will that be from eNaira?

What you are saying may really happen in their country. But if they introduce digital currency to its citizens, then maybe it will be the start for its people to be acquainted with cryptocurrency. And once they realized about the benefits brought about by crypto vs their national digital currency, they may opt for crypto instead. So I don't see this move in total negative side, there may be good things that will arise from this initiative.

Digital currency and crypto currencies aren't the same thing. They are just the digital/virtual form the fiat currency. The government controls the supply and can issue as much "digital money" as they want. Just a digital version of their currency fiat money. I don't think this will make people interested towards crypto currencies. I mean people have already being using Paypal, venmo, cashapp and other "digital wallets", yet they haven't moved to crypto currencies, have they? People will be using digital currencies more than crypto currencies because those currencies are issued by the Government and they think whatever the government approves is right for them.

I get that and indeed it would be great if it worked out but in the end, it is still a gamble. And what's worse than being incompetent as a president? It is to gamble having the whole country's and it's citizens' futures at stake. The best thing would've been to take care of the more pressing matters first to better prepare the country and its people for such innovations. By doing this, not only will the risks be lesser but it will also give time for the Nigerian people to observe the effects of having E-money from other countries that are adopting this technology which un return can boost confidence and make the people country avlid unnecessary mistakes or drawbacks that other countries may encounter having such innovation.

My own is a question, according to my little knowledge, I was unable to know the difference between this enaira and cryptocurrency, pls I need brief explanation. I also read that it's transactions is withing wallets, does that means that it can be used directly for exchange or to buy crypto coin?.

Can anyone provide the public information on the currency?
-the hard cap
-circulating supply?
- platform of trading and the pair
I dont trust a government that fought cryptocurrency and sent many platform off.

Dont know if this is the eNaira we've been talking on here: https://thebittimes.com/coin-ENAIRA-BSC.html


Date Deployed:   Oct-24-2021 22:04 GMT
Total Supply:   1,000,000,000,000,000 ENAIRA
Circulating Supply:   1,000,000,000,000,000 ENAIRA
Decimals:   9
Holders:   465

If it runs on blockchain then lets see if this one is totally centralized or decentralized.

Same government that fought with full strength against the adoption of Crypto Currency in the country, banned all acts,the least trust wallet found in your mobile phone can lead one to the cell.
Ain't this stupidity ?
Guess they saw the light outta a crack.
I don't think folks would want to use this though, the current government can be very deceiving.

If I may ask what are the features of this Enaira? Will their be interest that would be added to the money in the wallet? Can money be traded? If no, and the Enaira is just only for exchange and transfer of money, then I don't see any benefit of it because it is still the same thing as the bank app that has been existing before now.

This is obviously a cryptocurrency on binance blockchain but I expect the central bank of Nigeria to give out this detail even to the address. They need a new website and social platforms like every other cryptocurrency before exchange listing. Anyone could have done this to scam people, which indicates the little knowledge of the financial system that wants to adopt cryptocurrency.

We have different service for that purpose and majority are working effectively. We have both Local and international service offering this. The only difference here is eNaira is been controlled by the government meanwhile this other services are controlled by individual bodies outside the government which makes it a little bit difficult for the government to control how they're been operated.

For example there's an online banking services provided called Kuda, this company has been having issue with the government as many Bitcoin enthusiast tends to turn to them instead of using the traditionally banks as government started showing negative signs towards enthusiast of the crypto industry.

Some clarification here, eNaira isn't a cryptocurrency so it's not on Binance/ethereum blockchain or any of the other blockchain/exchange out there. Any project you see is either scammers trying to leverage on the ignorant individuals or a totally different project.

The project is mainly centralized. This is also the reason why the Nigerian government does not speak of a cryptocurrency but rather of a digital currency. eNira is an answer to this, as cryptocurrencies have recently gained popularity in Africa and the government is trying to keep control in the long run. For true crypto enthusiasts, this digital currency is not an alternative to Bitcoin and others.

The same comments could be made to any other decentralized crypto.

The fact that BTC is looked down upon but CBDCs are embraced is honestly an atrocity, but not a surprising one at the very least.

Governments want more control and that is exactly what BTC takes away from them. CBDCs, despite having the blockchain infrastructure, arguably centralizes the monetary system even more into the hands of the government/central bank which is hardly a good thing.

So basically government created a token or a coin or whatever it is called, to rival cryptocurrencies that we know? Like basically saying to citizens "do not use bitcoin, come here we created this enaria project and all of you should use this instead" type of deal? In that case what are they really providing that could be more beneficial to public than crypto?

Aside from the fact that one of them is supported by the government (and even created by) and the other is seen in a negative light, I do not see enaira to be any better than crypto to be honest. What do you imagine will happen, will people move to enaira or will people stay in crypto?

From the look at it, eNaira is centralized currency like fiat currency, so i may the objectives is been launched or introduce is to save money in way of cryptocurrency, in future time it can be tradeable, but the only difference there is that, it's centralized currency.

yes of course that's while is called eNaira digital currency, the money is going to be kept digitally which wanna be in your wallet precisely with the exception of a bank, so bank is meant for Fiat alone.

Fiat is only suitable for use as a means of payment/transaction, not suitable for investment like bitcoin. the emergence of eNaira only makes Nigerian fiat easier to use in their country and will not attract more investors to buy Naira. yeah.. thanks to the volatility of bitcoin, fiat is suck.

I don't understand what's the big announcement, really. From what I've read (https://www.premiumtimesng.com/news/headlines/492151-explainer-still-not-clear-about-enaira-here-are-10-key-things-to-know.html), it's a digital representation of their fiat currency, but on blockchain. But so many things remain unclear... For example, if a person has a bank account and uses a debit card to pay for things in Nigeria, is this person using Naira or eNaira? What I'm asking is do banks somehow switch their clients to eNaira or is it to be obtained by individuals and companies in their own ways and to be stored only in special wallets? I think it'll make matters confusing because it's basically Naira and functions as such, but it's on blockchain... I also wonder which steps Nigeria's planning to take with decentralized cryptos now: will they try to 'sell' CBDC as a 'better' crypto while banning the real ones, or will they create a regulatory framework for cryptos, as they allegedly planned to do?

It is not just about having a digital currency, can the country be able to keep the currency moving strong and having a better value? What I don’t really like about central bank digital currencies is the fact that it is the same thing with the Fiat we’re making use of. If a country should release a central bank digital currency, then it is the same thing as making use of their Fiat so I don’t really see the difference between the digital currency that they are releasing and the Fiat that is already being used.

Moreover there are now lots of electronic means that Fiat can be used, such as PayPal and the rest of them. So, it would have been best for this countries to just legalize cryptocurrency such as Bitcoin, why fiat just continues as it is.

I cannot help but wonder if this currency has been doomed from the beginning, as politicians in every country love to enrich themselves first and foremost. Are there any "founders" amounts that are portioned to wallets under the control of certain government officials? Can this currency be manipulated at will, if they want to devalue it or simply create extra money out of thin air? With all the existing cryptocurrencies out there which have much larger support bases and less chance of funny business, it does seem like a wasted effort and maybe unnecessary use of Nigerian resources to try replicating it into a country specific currency. Does it have any use outside of Nigeria or is it simply meant to be used internally? Worldwide adoption is what really gets these coins going.

People from Nigeria welcomed Bitcoin due to the reckless choices in economical issues by their so called leaders that led to the downfall of their currency.

They have tried to stop Bitcoin because they are too stubborn to realize that Bitcoin it is not the problem, but the solution (that people adopted) to the problems they provoked while failing to the Nigerian people.

eNaira sounds interesting enough as a project, but in the hands of the same politicians and bankers that caused the problem in the first place, this new initiative will do nothing but repeat the history and make people to realize that Bitcoin is a lifesaving asset in a sea or corruption and centralized inefficiency.  Greetings from Venezuela to all the Nigerian users.

Down with tyranny.

You should probably add the source of the sentence you copied and paraphrased. Don't you think so? For example, how it is done here. Otherwise, your post looks like ordinary copying, which will soon lead you to a ban on the forum.
https://i.ibb.co/b3gy3CM/Screenshot.png (https://ibb.co/z5hL5BT)

I'm a part of those who have always said that through the introduction of enaira, many other Nigerians who have not heard about bitcoin and crypto will now do, because this enaira will always be in comparison with bitcoins and cryptocurrency, and then the more comparison is drawn, the more people will want to know about bitcoins and cryptocurrency. Still great news for the bitcoin community.

Bitcoin is decentralised crypto but all these center owned crypto have nothing in similar with them and will not succeed in creating something like that.Just imagine you are having digital cash stored on your phone and you get some tokens with the same amount to spend but nothing new and any new law passed by government will make changes to it and even they can restrict you from making any transactions at all so what's the fun of them? The government coming up with this cannot hinder the growth of bitcoin at any cost.

Some of the third world governments are thinking that their CBDC shitcoins will be able to replace cryptocurrencies such as Bitcoin and Ethereum. I have to say that they are living in a fool's paradise. At the most, these CBDCs will replace digital versions of fiat, especially in domains such as freelancing and remittance payments. Cryptocurrencies are in use because they offer anonymity and protection against inflation, something which the CBDCs can't offer. So no matter how hard the governments try, they won't be successful.

let us be realistic, because it's very obvious that non digital currencies is such a currency that operate manually or been centralized and control by a specific sector, which we actually made mention of bank ( regulator's ) as one, so when emphasising on digital currency, this totally different from non digital currency, because digital currency is made electronic method of money with another dimension, but both are money but in different varieties.

Yeah, that was the same thought that crossed my mind when I saw this news about the Nigerian government launching the E-Naira as their own central bank digital currency. After the protest that was held by Nigerian citizens in the year 2020, their government realized how strong the bitcoin network can be and what people will be able to achieve with it, that’s why they quickly rushed to ban Bitcoin from the country and then released their own CBDC, which to me, is completely useless.

Bitcoin gives freedom to the people to do whatever they want to do, but a cryptocurrency that is controlled by the government is not going to give that same  freedom to the people. They (government) can even decide to shut down your wallet/account at any time. So, it’s a double NO for me.

Right from the start, my skepticism for the eNaira project has known no bounds. My reasons are legion but let me just state two here. The first being that I don't trust the Nigeria politicians to do the right thing. This could be another way to siphon the country.

Secondly, except all transactions with the eNaira will be on the blockchain, it doesn't make sense as the system will also be corrupted like every other thing Nigerian politicians touch. I won't ever touch anything that calls itself cryptocurrency that can't be traced on the blockchain.

The Currency says it uses that same Blockchain Tech as Bitcoin, does anyone know how to Mine this Currency. Zimbabwe is about to Launch One now too.

What I can see in this is story is the same thing as Digital Yuan and any other electronic cash that's developed by the government, they're not going to be more valuable than what the government allows them to be, they're akin to just having your own fiat but it's in digital form, this is just another form of control for the government so the people don't have to invest in any other cryptocurrency out there, don't let the smiles of the people that have created and approved of this, CBDC is never going to be successful, governments have tried to do that before and they've never been faced with any success, just stick to bitcoin.

eNaira can help Nigerian government to trace their citizens' money flows more easily.

eNaira will perform digitally and government, not only Nigerian government but any nation and government use CBDC, will be able to do the same, make their money printing more easily.

A digitalized or blockchanized version of fiat currency can not solve inflation because inflation comes from many factors in a country. Only a different version of technology used to create and govern fiat currency can not help to solve inflationary problem.

So basically fiat money but digital?

A lot of concerns might be brought up because if the government is technically still controlling the said coin then is it still really an altcoin? Coins are mostly decentralized and that core feature I believe must be upheld even by developers.

They're not even closed to achieving this new implementations,what's the purpose of thus eNaira in the first place,or It's true that they like and admire bitcoin as a digital currency but they want the one the currency that will be managed and supervised all by themselves.This eNaira is entirely managed by the CBN;the idea of it been backed by the CBN is totally...is this really going to improve financial services.
 The Central Bank of Nigeria (CBN) on Monday, 25 October 2021 launched the digital currency – eNaira, making it the fifth digital currency to be launched in the world and the first in Africa,however,its innovation and creation has been silent for some time now and we haven't seen yet any progress to accomplish this great task.