Nigeria to launch its crypto currency after crypto ban

[Ever-young]

Nigeria is not so big in crypto as China for example. I think it's not gonna influence market and crypto in whole really much.

Nigeia is not so big as China, but if right step is being taking on this their move to create it's own digital currency I think it will have a great impact on the crypto space, especially if the country then accept the use of crypto currency.
The country is not so big, but current analysis shows they are the top one countries making use of crypto.

[batang_bitcoin]

Nigeia is not so big as China, but if right step is being taking on this their move to create it's own digital currency I think it will have a great impact on the crypto space, especially if the country then accept the use of crypto currency.
The country is not so big, but current analysis shows they are the top one countries making use of crypto.

That country has a large volume if you're going to search it on those platforms and exchanges that supports that country. They can influence on their own market locally.
And there's for sure the impact that will happen regards to this news but just as any other country that promotes their own crypto, it won't be volatile just as the typical crypto that we know.

[Anguwa]

This is a very great development for Nigeria, because the way cryptocurrency go viral in the entire world, countries that are under develop or develop countries. Cryptocurrency help in the development of country because cryptocurrency is an advance technology so countries willing to develop or advance need digital currency for trading and exchange of good and services. So for Nigeria as a country to launch cryptocurrency is a good development for the country.

[Twinkledoe]

This is a very great development for Nigeria, because the way cryptocurrency go viral in the entire world, countries that are under develop or develop countries. Cryptocurrency help in the development of country because cryptocurrency is an advance technology so countries willing to develop or advance need digital currency for trading and exchange of good and services. So for Nigeria as a country to launch cryptocurrency is a good development for the country.

The country is one step ahead at this time, they are able to see the times with the discovery of new ways to maintain the viability of fiat currency, countries like this are usually in good condition, so it is necessary to create digital currencies to keep the country's economy more stable, Cryptocurrencies can also applied in general practice in a country, if the existing resources can be used properly, this will have a big impact if the country makes binding rules.

But I don't think they will be accepting cryptocurrency, it is more of developing their own digital currency so they still have full control about its circulation. But if nothing else, once they launched this digital currency, their citizens will be oriented on how digital currency works and so it may pave the way on learning how to use crypto. Maybe this is why they ban crypto because they have plans of creating their own digital currency.

[StanleyBoyle]

I really want to ask a question, is there any difference between the state's issuance of encrypted currency or the aforementioned China's issuance of digital renminbi and the state's issuance of currency? Can the digital renminbi issued by the state be issued more? Is it also controlled by the state? It is also centralized. Is it different from using banknotes now?

If there is no difference, then why should the country issue digital renminbi? The biggest feature of Bitcoin is that it is open and transparent, non-tamperable, and fixed in quantity. If it does not have these features, why should we accept cryptocurrencies issued by the country?

[Jolankaa]

I recently read an article about bans in China, Nigeria and Turkey. It's all being solved quickly, these countries are already figuring out how to get around this ban. https://blockster.com/blockdesk/1385_3-countries-where-crypto-is-banned-and-why

[Ever-young]

I recently read an article about bans in China, Nigeria and Turkey. It's all being solved quickly, these countries are already figuring out how to get around this ban. https://blockster.com/blockdesk/1385_3-countries-where-crypto-is-banned-and-why

Get around the ban you said! The only perfect way most of this countries have been using to get pass this ban is by making use of the p2p system, which in Nigeria if you make a mistake by adding any currency language on your transfer statement, you get you account blocked.
As big as Nigeria is and the growing mass adoption of crypto in the county to the extend they are on top 1 list of countries using crypto. I think the Government has no other choice that to accept it in times coming and makes it a global payment, publicly accepted.

[hitsnorth]

Nigeria is not a China and it will not make such influence on market. I haven't even noticed that Nigeria banned crypto TBH.

[MusaMohamed]

It seems like the greedy politicians want to do a fund raising which can line their own pockets - the best way to do that is ban any competition and then launch your own product. If they really had faith in their own cryptocurrency then it should be able to compete without any artificial censorship. I doubt many people in Nigeria will really be that into it considering that most of them will already distrust the government.Those sort of tactics tend to be taken by unstable and irrational officials who might just as easily back track if the project is a failure, causing any early investors to potentially lose a lot of money. I doubt it will be backed by much in the way of physical assets.

They plan to launch it through five stages. E-Naira wallet can make noise in Nigerian communities and bring more Nigerian people to crypto market.

Nigerian Central Bank Reveals CBDC Guidelines, Announces Plan to Launch E-Naira Wallet

It will increase crypto adoption in Nigeria but it won't be too good if Nigerians will be forced to use E-Naira wallet. Do they have choice to use Peer to peer marketplace, and ignore E-Naira wallet?

[gabbie2010]

It seems like the greedy politicians want to do a fund raising which can line their own pockets - the best way to do that is ban any competition and then launch your own product. If they really had faith in their own cryptocurrency then it should be able to compete without any artificial censorship. I doubt many people in Nigeria will really be that into it considering that most of them will already distrust the government.Those sort of tactics tend to be taken by unstable and irrational officials who might just as easily back track if the project is a failure, causing any early investors to potentially lose a lot of money. I doubt it will be backed by much in the way of physical assets.

They plan to launch it through five stages. E-Naira wallet can make noise in Nigerian communities and bring more Nigerian people to crypto market.

Nigerian Central Bank Reveals CBDC Guidelines, Announces Plan to Launch E-Naira Wallet

It will increase crypto adoption in Nigeria but it won't be too good if Nigerians will be forced to use E-Naira wallet. Do they have choice to use Peer to peer marketplace, and ignore E-Naira wallet?

As long as as the Nigerian digital currency is centralized, even with the so-called E-naira as long as it is not anonymous every cryptocurrencies users will keep off and distance themselves from it, before the introduction of the  digital currency by the CBN,  there is an already increasing and growing numbers of cryptocurrencies users in Nigeria, statically the volume of Bitcoin traded monthly is huge infact Nigerian is ranked second by paxful in the number of  P2P trades and almost $1.5 billion volume of trades was made in the first quarter of this year,