Nigeria to launch its crypto currency after crypto ban

[Ever-young]

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria)  was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

[Charles-Tim]

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

No. Just as China has CBDC (digital Yuan), but ban decentralized currencies like Bitcoin.

[Ever-young]

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

No. Just as China has CBDC (digital Yuan), but ban decentralized currencies like Bitcoin.

Alright but that will be very bad, because the country has been rated highest on the number of countries which citizen's are into crypto, they have been ranked 1st in Africa if am not mistaken.

[mu_enrico]

It should be "ban" not "band" because "band" is something else (I'm thinking about Nirvana).

Anyway,

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

That's a totally different thing. CBDC is not equal to cryptocurrency, especially the in its definition related to no trusted 3rd party (decentralized). They are more likely to approve only CBDC.

Interesting to see "the war on currency" with CBDC vs crypto (especially Bitcoin).

[Woodie]

Interesting turn of things after making people to retreat away from the original cryptocurrencies like bitcoin!
 
So how will this regulated currency run...Will it be pegged on the Nairas performance makingit a stable coin, will it be be a regulated coin,will this have s fixed supply or the government will be free to mint has many new coins as they like....I guess I have found myself 3ith more questions than answers.

Nigeria tops the list of all the countries that use cryptocurrencies the most.

Very true which is why almost crypto projects we have today always want to tap into this market because the country has the numbers to stimulate demand once it gets them interested.

[DeathAngel]

CBDC’s are centralized government shitcoins, nothing more & nothing less. Where there is a demand for decentralized currency like bitcoin, the people will find a way. It really isn’t hard to use Tor & or a VPN.
Governments are powerless to stop this tidal wave.

[Miaallen]

I must tell you I doubt the success of that cryptocurrency Nigeria government want to create if the ban on cryptocurrency trading still stands in the country. How will the coin the traded with the involvement of the Cryptocurrencies exchanges which it has banned its citizens from using in trading crypto.

[Ever-young]

It should be "ban" not "band" because "band" is something else (I'm thinking about Nirvana).

Anyway,

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

That's a totally different thing. CBDC is not equal to cryptocurrency, especially the in its definition related to no trusted 3rd party (decentralized). They are more likely to approve only CBDC.

Interesting to see "the war on currency" with CBDC vs crypto (especially Bitcoin).

Thanks for the correction,  Ban was what I meant to say. It was a typographical error.
Mistake will be corrected.

[livingfree]

If this is official, that doesn't make them accept crypto.

There's an exemption of it until validated by their government that they're adopting crypto and as well as making their own CBDC.

But if there's no close and official statement towards adoption of cryptocurrencies, consider that as a no for them even if they'll launch CBDC.

[qmra]

Nigeria is the largest Africa country and a good place for cryptocurrency market. Its a welcome development.

[evichi]

Nigerian Government as well as China are seeking ways to profit from cryptocurrency. The good side in both cases is recognizing the technology of crypto. On the other hand, adoption of the digital currencies depends on the masses. The action of both governments will not necessarily influence mass adoption. Blockchain and crypto has a lot to do with freedom of choice. People will only key in if they find the government digital currencies worth while, otherwise it may not make any difference.

[Reid]

Ban and create new. Yes, sounds like China.
They all want a centralized token and that's for tracking everything so that the people can't keep huge funds and increase the demands.
Sure it will be 1:1 but you will not escape payments even for a mere parking ticket if they can control your money.
The government won't even need your authorization and they could just take the money from your wallet or worse, freeze them until you pay the tickets.
It's not really different from the banks, it's just improved.

[barabeku]

I am afraid no. They want to replace ordinary crypto currency like Bitcoin and Ethereum with their digital state currency. When they launch it, Bitcoin will still be a rival for it, so they will forbid it.
What comes to E-naira,it will still be regulated by the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital E-naira, rubles, yuan will be under regulation, so it is the same as just non-cash money but on blockchain instead of bank account.

[RussianEnglishTranslation]

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria)  was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

It depends how countries launch their CBDCs, as blockchains or as tokens that can be used on multiple blockchains- USDC. If we can get E-aira on Ethereum, Polygon, and NEAR protocol we can use it for DeFi. Nigeria would be better off if more people used its currency so they need to play this smart.

[Mr,flex]

This doesn't mean Nigeria is not active on crypto space or doesn't accept crypto as you said earlier we have P2P trading. To me I such love this idea and less charges without hassle, launching it's digital currency it is likely from world bank so I don't think if Nigeria has any options than to accept back cryptocurrency and to allow it trade freely without restrictions. Since they set limits many exchange going back p2p has made most being actively used by Nigerian.

[dhemasm]

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

Not really sure too but as you can see China through their digital Yuan and Turkey with their native CBDC too was also developed but it's not decentralized so far i know, Maybe E-Naira was same with it when it was centralized, Not sure too.

What's do you think about their decision, do you think it will have great impact on crypto?

Maybe Just a little impact on the crypto market but have an huge impact for The Blockchain Technology itself.

[Ceyflix-Rez]

CBDC won't have negative effect on crypto because they are just like USDC and USDT, they are still Fiat in digital form only, presently Nigeria is one of the biggest crypto adopters as per binance information, even CZ testified about this, let CBDC comes it won't make any difference

[the ghabbar]

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria)  was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

So far we still see that all countries have not agreed on the pattern of crypto being applied in a country, but Nigeria is starting to try to adopt the pattern that is currently being done by crypto, although they do it differently, but this pattern is a way to keep pace with the growth and development of crypto.

Nigeria tries to restrict its citizens from fully using this pattern, thus forcing them to give up their own digital currency to maintain its stability, in this case it is indeed a good idea for the country to start opening its own digital money, to keep its citizens from making transactions.

So far, crypto has not had a big impact with Nigeria's implementation and prohibition, in fact one day crypto can work well with various countries that are starting to open up space for digital money.

[konflikkastil]

I think that is a good development, for a country like Nigeria to have their own digital currency, being the biggest county in Africa and one of the populous county on the planet Earth. They have the population and the market to drives it. If I can remember few months ago, the apex bank of the country ban all transactions on Crypto and also instructs it's local banks to also close down all Crypto related accounts. This made lot of traders in the country to resort to P2P mode of trading. It's a good one to start with maybe later in future they will also adopt the use of Crypto fully.

[hugeblack]

The article title is wrong as the difference between cryptocurrency and digital money is different. When Nigeria creates a digital currency, it will be centralized and therefore will not be a digital currency.
I also do not think that Nigeria has the necessary infrastructure to build an effective monetary system as an alternative to the current monetary system, and that these systems are characterized by high transparency, which is something that many African countries do not like.