Nigeria To Launch Digital Currency

[JoyMarsha]

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.

The apex bank boss revealed this plan during the 279th MPR meeting held today in Abuja- “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria” – Nairametrics reports.

He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.

What's the way forward for Nigerians? Is this good news for them after the ban of trading crypto with banks
Information link: https://www.premiumtimesng.com/news/top-news/463912-nigeria-will-soon-create-digital-currency-cbn.html

[UserU]

The beauty of cryptocurrency is decentralization, meaning it's not controlled by any bank/financial institution. If the CBN still have control over the digital currency, then it would remain secondary to bitcoin and other altcoins for Nigerians involved in crypto trading

Not necessarily. If you want banks or FIs to jump on the bandwagon, there's got to be some regulators involved. Or else how are the governments gonna track those involved in money laundering or theft?

[Charles-Tim]

Nigeria just want to be in the game of countries moving towards having CBDC. The digital fiat has been a way to deprive people from having privacy but it will still be better than CBDC when it comes to privacy, people that will use CBDCs will not have privacy at all as governments are looking for more ways to know all the personal information of their citizens. The best cryptocurrencies  to go for are decentralized ones, not centralized ones. There are deflationary ones like Bitcoin that its price over a long time period will increase and reach all-time-high after several price increase and decrease. There are also fiat-pegged ones like Dai. Then why the need for CBDCs?

Nigeria CBDC will be pegged with Nigerian naira, which has been an inflationary currency that has been depreciating right from the onset. When the colonial master left the country in 1960 after independent, Pounds was equivalent to Naira, and Naira was higher in price than US dollar, but 1 US dollar today is equals to 410 naira. See how the country's naira has really depreciated, so should I use the CBDC that will make me not have privacy and yet depreciating?

[hugeblack]

Bitcoin Price Down: China ban, Nigeria ban, Iran ban ,....etc
Bitcoin Price Up: Nigeria To Launch Digital Currency 

I do not know if this news is real and I do not care about it, but it does not mean anything and has no value. African countries will not initiate the creation of a digital currency unless many countries warn them and digital currencies are not related to Bitcoin or cryptos.

Stop making this FUD

[SquirrelJulietGarden]

Bitcoin Price Down: China ban, Nigeria ban, Iran ban ,....etc
Bitcoin Price Up: Nigeria To Launch Digital Currency 

I do not know if this news is real and I do not care about it, but it does not mean anything and has no value. African countries will not initiate the creation of a digital currency unless many countries warn them and digital currencies are not related to Bitcoin or cryptos.

After people are excited with news like this, other news will be announced. Your post recalls me with news about SEC in 2017, 2018 and 2019. Good and bad news were published on media in different market. Bull market, ok it has good news about SEC. Bear market, it has bad news about SEC. Same for ETF news.

The trend of cryptocurrency is irreversible and governments have to join by creating their CBDCs. I am neutral with CBDC news.

[Muenalo]

CBN thought they could deny Nigerians access to bitcoin by banning  banks from all crypto activities....😉😉  But that one didn't work.. (as if that was when the purchase even doubled)...😘😘😘
And now again, they have come to say they are thinking of creating a digital naira...🤣😂😂🤣🤣..hmmm:.. I just laugh...

Instead of the CBN to look for a way to increase the value of our Naira that is depreciating everyday, here they are talking about digital naira..🤣🤣.. I just laugh...


So please...🙏🙏🙏 I will want my seniors in this forum (Legendary and Hero members) to please help me go tell Nigerian government to stop wasting there time, because Nigerian digital naira can never be like bitcoin..(not now, nor ever, even in the dream)....
Thanks..... I rest my case👍🤗🤗

[posi]

CBN thought they could deny Nigerians access to bitcoin by banning  banks from all crypto activities....😉😉  But that one didn't work.. (as if that was when the purchase even doubled)...😘😘😘
And now again, they have come to say they are thinking of creating a digital naira...🤣😂😂🤣🤣..hmmm:.. I just laugh...

Only a naive government will have the though of controlling or deny people the use of Bitcoin when they have no control over it. I don't believe in this news until I see the CBN working towards it but they seems to be following the footsteps of the Chinese government which is sad cause the government don't do something for the people but something that will be profitable to them.

Instead of the CBN to look for a way to increase the value of our Naira that is depreciating everyday, here they are talking about digital naira..🤣🤣.. I just laugh...

How would they increase the value of Naira when they are advised not to print new fiat this year but they don't listen to people advise. I don't why all governments are so naive/sturbborn about don't print more fiat currency.

[BETTY B]

Bitcoin Price Down: China ban, Nigeria ban, Iran ban ,....etc
Bitcoin Price Up: Nigeria To Launch Digital Currency 

I do not know if this news is real and I do not care about it, but it does not mean anything and has no value. African countries will not initiate the creation of a digital currency unless many countries warn them and digital currencies are not related to Bitcoin or cryptos.

Stop making this FUD

The Bitcoin policy of the Nigerian government also changes frequently, and Bitcoin is decentralized. Even if a country supports Bitcoin, the government's purpose is only to control Bitcoin to obtain tax returns.

[DeathAngel]

Another country releasing their own centralized, digital shit coin. They really are trying aren’t they
Pointless waste of time, people want to control their own money & own destiny. They will fail & bitcoin will win.

[KaliLinux]

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.

The apex bank boss revealed this plan during the 279th MPR meeting held today in Abuja- “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria” – Nairametrics reports.

He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.

What's the way forward for Nigerians? Is this good news for them after the ban of trading crypto with banks
Information link: https://www.premiumtimesng.com/news/top-news/463912-nigeria-will-soon-create-digital-currency-cbn.html

Which investigation did they carry out? is there any data to support that? the same publication everyone has already seen online showing that Nigerians are very well engaged in cryptocurrency trading is the same thing they know, bunch of Idiots.

What proof did they have for his claim of his statement that "most are illegitimate"? These people believe that is the only reason they can use to attack the trade of cryptocurrencies by Nigerians. Billions of Dollars have been lotted by past administrations, was any of them by cryptocurrency? and more Billions are still been looted today by the same government that doesn't accept crypto so it couldn't have been done by crypto.

Whether they like, let them create whatever they want, digital whatever, it will still be the same as the Fiat Naira, and as long as people can still trade their cryptocurrencies one way or the other, crypto will still be the Game.

[noorman0]

There is no difference between holding a digital version of currency with fiat, because the regulations that bind it will be inherited on to the new version. Digitizing fiat will further reduce the rights and privacy of the holder because it can be controlled by the center. Anything can be done with a centralized financial system moreover the government has full authority to freeze transfer, block addresses, change smart contracts, etc.

Not necessarily. If you want banks or FIs to jump on the bandwagon, there's got to be some regulators involved. Or else how are the governments gonna track those involved in money laundering or theft?

Like the standard crime prevention practices of exchanges, wallets or casino services, they will usually close the account temporarily due to investigations.

[cryptomaniac_xxx]

Another country releasing their own centralized, digital shit coin. They really are trying aren’t they
Pointless waste of time, people want to control their own money & own destiny. They will fail & bitcoin will win.

But probably these governments are going to imposed their centralised digital coin to their population. Hence, you don't have a choice, otherwise you can't transact specially if you are going to need some government id, i.e passports, tax number etc.

As for crypto enthusiast, for sure there will be Nigerians who are still going to invest and play with bitcoin. But in order to play along with the government, at some point, they have to embrace this CBCD.

[Jating]

The numbers are with us here, I mean we haven't seen any successful crypto that is back up by government. I remember Russia's crypto rubble, and so far we haven't heard anything from it since its inception. And then we have the digital Yuan, well if this becomes successful then maybe we will see waves of government around the world experimenting with CBCD. So fingers crossed, bitcoin and the whole crypto market will here to stay despite this CBCD floating around.

[Cryptomiles1]

Nigeria just want to be in the game of countries moving towards having CBDC. The digital fiat has been a way to deprive people from having privacy but it will still be better than CBDC when it comes to privacy, people that will use CBDCs will not have privacy at all as governments are looking for more ways to know all the personal information of their citizens. The best cryptocurrencies  to go for are decentralized ones, not centralized ones. There are deflationary ones like Bitcoin that its price over a long time period will increase and reach all-time-high after several price increase and decrease. There are also fiat-pegged ones like Dai. Then why the need for CBDCs?

Nigeria CBDC will be pegged with Nigerian naira, which has been an inflationary currency that has been depreciating right from the onset. When the colonial master left the country in 1960 after independent, Pounds was equivalent to Naira, and Naira was higher in price than US dollar, but 1 US dollar today is equals to 410 naira. See how the country's naira has really depreciated, so should I use the CBDC that will make me not have privacy and yet depreciating?

yes, this sound great,

i want to know if there will be no control over digital currency, but looking too well is that they can only have control over the Nigerian own launch currency, meaning the government won't have control over other currencies

[Fivestar4everMVP]

Well. Good luck to the Nigerian government on this initiative, but one thing I will like to let them know or have at the back of their minds is that crypto currencies are decentralized and cant be controlled by any individual or government, if any government is ever going to launch a crypto currency, they should remember to keep this one rule, because any deviation from this means what they created is not a true crypto currency but another centralized system they will use to tie peoples money down and control them just like it is with banks, decentralization is here to stay and any government that is not ready to accept this is not ready to move forward and will definitely be left behind.

[KaliLinux]

Well. Good luck to the Nigerian government on this initiative, but one thing I will like to let them know or have at the back of their minds is that crypto currencies are decentralized and cant be controlled by any individual or government, if any government is ever going to launch a crypto currency, they should remember to keep this one rule, because any deviation from this means what they created is not a true crypto currency but another centralized system they will use to tie peoples money down and control them just like it is with banks, decentralization is here to stay and any government that is not ready to accept this is not ready to move forward and will definitely be left behind.

Trust me when I say that whatever the Nigerian Government is trying to do with this so-called Digital Currency has nothing to do with Cryptocurrency but maybe they might think it can compete with crypto  and their overall wish is to find a way to continually control the financial means of the people which is not going to work because the Nigerian people are already too smart for that now.
What is the Government going to do? are they going to totally remove the existing fiat money for the digital one or they will be used side by side? The digital currency is going to fail because all Nigerians that are already in the crypto space will never touch and they are the ones that crested the crypto buzz in Nigeria that made the government want to do this. 

[aylabadia05]

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.

The apex bank boss revealed this plan during the 279th MPR meeting held today in Abuja- “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria” – Nairametrics reports.

He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.

What's the way forward for Nigerians? Is this good news for them after the ban of trading crypto with banks
Information link: https://www.premiumtimesng.com/news/top-news/463912-nigeria-will-soon-create-digital-currency-cbn.html

To me, this is just news with mediocre value. A commitment is necessary if Nigeria really wants to implement the use of cryptocurrencies. Moreover, to my knowledge, based on the information I got, Nigeria has also banned the use of crypto. If this is true, I think it is progress that we must respect.

[kryptqnick]

There've been multiple countries investigating launching their own coins, and some (like Venezuela) even did it. I wonder if Nigeria goes through with this intention and whether it becomes a failure like with Petro... What's also interesting is how this affects the market and regulations in Nigeria. I have a feeling that the plan is to create a state-backed cryptocurrency, so that people who are into cryptos can satisfy their interest, but to restrict the usage of decentralized coins like Bitcoin or Ethereum. I hope this won't happen, but Nigeria has been somewhat hostile to Bitcoin lately, so maybe that's their plan now.

[kidbounty]

The currency is issued by the central bank of Nigeria and it is centralized. so it's not a crypto. this is the same as the china project, where he started planning to create his own digital currency. and this will have no impact on the crypto market. i would prefer if nigeria legalized bitcoin like el salvador. rather than creating a new digital currency which is centralized.

[Wong Gendheng]

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.

The apex bank boss revealed this plan during the 279th MPR meeting held today in Abuja- “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria” – Nairametrics reports.

He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

Under cryptocurrency and Bitcoin, Nigeria comes 2nd while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.

What's the way forward for Nigerians? Is this good news for them after the ban of trading crypto with banks
Information link: https://www.premiumtimesng.com/news/top-news/463912-nigeria-will-soon-create-digital-currency-cbn.html

Good news to compensate for the number of countries that have banned bitcoin, if this plan is on target then we can be sure the price of bitcoin will skyrocket again, with a population of around 200 million of course it will make the price of bitcoin easy to reach $100k.