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Author Topic: eNaira launched in Nigeria as a digital currency  (Read 305 times)
GeorgeJohn
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October 25, 2021, 10:13:16 PM
Merited by igehhh (3), CryptopreneurBrainboss (2), KingsDen (2)
 #1

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

 


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.

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October 25, 2021, 11:01:04 PM
 #2

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.

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October 25, 2021, 11:14:47 PM
 #3

I'm curious about the differences between a "digital" currency and a non-"digital" currency.
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

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October 25, 2021, 11:33:09 PM
 #4

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.

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October 26, 2021, 01:15:46 AM
 #5

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.
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October 26, 2021, 07:56:28 AM
 #6

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.

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October 26, 2021, 08:17:46 AM
 #7

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.  Roll Eyes

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October 26, 2021, 08:33:22 AM
 #8

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

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October 26, 2021, 08:46:02 AM
 #9

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/
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October 26, 2021, 09:58:28 AM
 #10

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.
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October 26, 2021, 10:49:19 AM
 #11

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.

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.

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October 26, 2021, 10:51:27 AM
 #12

-snip-
and what's the objectives of developing a country digital currency.

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?

-snip-
because the government then control the value of those coins.  Roll Eyes
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.

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October 26, 2021, 12:07:13 PM
 #13

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.

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October 26, 2021, 12:46:49 PM
 #14

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.

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October 26, 2021, 01:31:10 PM
 #15

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 :

At a Senate hearing in February, the  Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, famously described them as ‘money out of thin air.’ In an interesting turn of events, the CBN is using the technology behind this “money out of thin air” to create the eNaira. It revealed on July 22, 2021, that the pilot scheme for the project will begin.

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.

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October 26, 2021, 01:54:18 PM
 #16

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.
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October 26, 2021, 01:57:10 PM
 #17

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.
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October 26, 2021, 02:00:49 PM
 #18

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.
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.

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October 26, 2021, 07:02:46 PM
 #19

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/

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

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Simply, CBDCs are currencies created digitally to facilitate digital transactions.

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

Quote
While we can already perform digital transactions with the Naira, the eNaira does not need to be backed by physical cash.

The Naira is also not backed by physical cash.

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October 26, 2021, 10:50:28 PM
 #20

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
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