Nigeria To Launch Digital Currency

[Quantum907]

It's definately not good for people of Nigeria to have government involved in crypto. You can expect it to be heavily manipulated towards the end goal of the regime

Crypto is certainly different, crypto users are global and with the current bitcoin marketcap it is certainly difficult to manipulate prices, this is actually a good opportunity for Nigerians so they can make the country's economy improve

[tersek]

Another Shitcoin launched by a country. Cryptocurrency that was originally launched with a decentralized system and free from government intervention. And now this government is getting into the game and hoping their coin will become another bitcoin? keep dreaming

[semobo]

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

Digital Nigerian dollar or anything is nothing different frm their current Nigerian dollar then why they need to create a new cryptocurrency?

They don't want their people to attain financial freedom and never let them to grow because if people gather knowledge then corrupted people can't become leader again and again.

[gabbie2010]

It's definately not good for people of Nigeria to have government involved in crypto. You can expect it to be heavily manipulated towards the end goal of the regime

The shit digital coin launched by the Nigerian central bank is dead on arrival the major stake holders and cryptoshpere enthusiasts involved in cryptocurrencies had already adopted the decentralized cryptos they majorly trade Bitcoin and had experienced all the benefits that can be derived from it I don't think those people will have any dealings with the newly introduced digital currency infact the unfavorable attacks on cryptocurrencies in form of banning and clampdowns of cryptocurrencies related businesses by the CBN will encourage Nigerian cryptos enthusiasts to shun the newly launched digital currency.

[Bitstar_coin]

It's definately not good for people of Nigeria to have government involved in crypto. You can expect it to be heavily manipulated towards the end goal of the regime

Except the naïve people who has no clue about crypto and how it is suppose to function that will take part in this game of the nigerian government, is this the reason why they put a ban to bank direct involve in crypto because they want an opportunity to create their centralize crypto and sell it to the people or force it on them, how clever they must think they are, i know many Nigerians who are unaware of the whole crypro space will jump in just because it is coming from the government but they wont know some of the hidden strings attached, what a funny government.

[aditasetia123]

its good step for Nigerian , cryptocurrency will growth more in this country.  As biggest crypto community in Africa , Nigerian always shows another developtment and they have good contribution in several project. By this policy , more developers wil attracted to join into crypto market.

[AmoreJaz]

It's definately not good for people of Nigeria to have government involved in crypto. You can expect it to be heavily manipulated towards the end goal of the regime

Except the naïve people who has no clue about crypto and how it is suppose to function that will take part in this game of the nigerian government, is this the reason why they put a ban to bank direct involve in crypto because they want an opportunity to create their centralize crypto and sell it to the people or force it on them, how clever they must think they are, i know many Nigerians who are unaware of the whole crypro space will jump in just because it is coming from the government but they wont know some of the hidden strings attached, what a funny government.

but i think, for those that don't know anything about crypto, it will be a good start to be introduced in digital currency. and once they learn more about the existence of digital currencies, they will learn the difference and benefits of dealing with btc, and other alts over their govt digital currency. and with that, i think they can now easily convert themselves to be crypto users. and the govt cant control them when they start dealing with crypto because they cant.

[Dexion]

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.

Actually it is also not a big problem for the country while there are still very many Bitcoin users in the country, but the government must also know how many Bitcoin users are in their area so that they can immediately determine the appropriate decisions or rules for it.

The accuracy of the number of Bitcoin users is a must considering that it can be used as a benchmark in making decisions, if the goal is to get taxes from bitcoin income or other assets.

[Xinarae*]

Bitcoin is never taxed the nigerian government supports bitcoin but cannot control it because bitcoin is decentralized. Nigeria is going to launch digital currency after salvador the country's central bank says it has decided to launch a digital currency system later this year to bring in foreign revenues and smooth the international purchasing system nigeria banned banks and financial institutions from conducting cryptocurrency transactions. The directive comes in the wake of an unusual increase in monthly cryptocurrency transactions with africa abroad.

[KevinRosa]

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?

I agree with your opinion. Digital currency can be divided into two types, one is sovereign digital currency, and the other is sovereign digital currency, but as long as it is digital currency, it cannot escape the supervision of sovereign government, because at present, the country cannot disappear because of the emergence of Bitcoin. . In addition to currency, a sovereign country has other important components. It is possible that both illegal transactions and criminal activities may use Bitcoin to conduct transactions. As a sovereign government, it will certainly not turn a blind eye.

[terciduk123]

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.

Agree with you. sometimes news like that is also just a game, not necessarily true and can be implemented because a country usually has many things to consider. like china which sometimes supports Cryptocurrencies and sometimes prohibits it like now, and apparently they plan to make their own digital currency, but we don't know if it uses Blockchain or not.

[Anonylz]

Except the naïve people who has no clue about crypto and how it is suppose to function that will take part in this game of the nigerian government, is this the reason why they put a ban to bank direct involve in crypto because they want an opportunity to create their centralize crypto and sell it to the people or force it on them, how clever they must think they are, i know many Nigerians who are unaware of the whole crypro space will jump in just because it is coming from the government but they wont know some of the hidden strings attached, what a funny government.

but i think, for those that don't know anything about crypto, it will be a good start to be introduced in digital currency. and once they learn more about the existence of digital currencies, they will learn the difference and benefits of dealing with btc, and other alts over their govt digital currency. and with that, i think they can now easily convert themselves to be crypto users. and the govt cant control them when they start dealing with crypto because they cant.

In a way you are right @AmoreJaz, this is more like an avenue for exposure for the millions of Nigerian citizens who have no clue what crypto is all about and especially those who are of the believe that anything crypto is associated with scam, I think with the introduction of the government own crypto it will give them a sense of security to be part of it, understand it and then make their own decision moving forward, what is most important right now is to create the awareness and make people understand.

[indah rezqi]

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

I think, if Negeria allowed the use of Cryptocurrencies again, for me, it would be a good decision. Because, economically, Cryptocurrencies will make transactions easier for Nigeria.

[Mistafreeze]

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

This is very interesting seeing countries that where once against the existence of cryptocurrency are now adopting it maybe because of it future value and market revenue that would be of a good source of monetary regulation and control by linking it to one's  bank. This would be a very good innovation for Nigerians and it's economy and as time goes on, many countries also would start seeing reasons of adopting it existance into government policies and establishment.

I think Nigerian government had once banned  the use of cryptocurrency and it's activities tracking people and firms that are into crypto transactions, enforcing sanctions and harsh policies on them by freezing their accounts limiting their access to their own funds. Now it's a good news to see this country now coming up with good prospect of acceptance of cryptocurrency in general for business transactions and means of payment system.

The Government is very smart and always looking for ways to balance economy activities whenever they discovered a decline in the patronage in their own market and Fiat currency especially when their is a huge dump in the use of their own currency when it loses value.

[Jackl87]

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.

I am not really sure if those kind of digital currencies are good or bad for traditional and "real" cryptocurrencies because in the end those e-yuan, e-dollars and those currency in nigeria are just digital versions with the same value of the normal FIAT currencies. So i don't see much difference between those "new" digital currencies and normal FIAT currencies that you spend with credit card or via bank transfer.
If every country now start to introduce completely digital versions of their normal currencies i think that can be bad for cryptocurrencies because they may not be needed and wanted anymore by average citizens. Of course those digital currencies are just as centralized as their traditional pendants so if you want real centralization you have to use real cryptos.

[daenarys_stormborn]

finally after a long time we continue to hear bad news from the crypto world, now the world is giving good news, this time coming from negeria countries, although not too big, I believe this is the beginning of the rise of crypto