eNaira launched in Nigeria as a digital currency

[Bitcoin_Arena]

Indistinguishable from crypto functionality that gives freedom.

Did I just understand what you were trying to mean?

The eNaira is just a digital currency, not a cryptocurrency. It's just a digital form of Naira. So you can't compare it with crypto. It doesn't offer any freedom like crypto does

I would like anyone from Nigeria to confirm this. Don't you people have services there where one can digitally transfer money from one person to another?
How different will that be from eNaira?

[1714036293]

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[1714036293]

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[tippytoes]

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

What you are saying may really happen in their country. But if they introduce digital currency to its citizens, then maybe it will be the start for its people to be acquainted with cryptocurrency. And once they realized about the benefits brought about by crypto vs their national digital currency, they may opt for crypto instead. So I don't see this move in total negative side, there may be good things that will arise from this initiative.

[adzino]

What you are saying may really happen in their country. But if they introduce digital currency to its citizens, then maybe it will be the start for its people to be acquainted with cryptocurrency. And once they realized about the benefits brought about by crypto vs their national digital currency, they may opt for crypto instead. So I don't see this move in total negative side, there may be good things that will arise from this initiative.

Digital currency and crypto currencies aren't the same thing. They are just the digital/virtual form the fiat currency. The government controls the supply and can issue as much "digital money" as they want. Just a digital version of their currency fiat money. I don't think this will make people interested towards crypto currencies. I mean people have already being using Paypal, venmo, cashapp and other "digital wallets", yet they haven't moved to crypto currencies, have they? People will be using digital currencies more than crypto currencies because those currencies are issued by the Government and they think whatever the government approves is right for them.

[Similificator]

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.

I get that and indeed it would be great if it worked out but in the end, it is still a gamble. And what's worse than being incompetent as a president? It is to gamble having the whole country's and it's citizens' futures at stake. The best thing would've been to take care of the more pressing matters first to better prepare the country and its people for such innovations. By doing this, not only will the risks be lesser but it will also give time for the Nigerian people to observe the effects of having E-money from other countries that are adopting this technology which un return can boost confidence and make the people country avlid unnecessary mistakes or drawbacks that other countries may encounter having such innovation.

[Anguwa]

My own is a question, according to my little knowledge, I was unable to know the difference between this enaira and cryptocurrency, pls I need brief explanation. I also read that it's transactions is withing wallets, does that means that it can be used directly for exchange or to buy crypto coin?.

[royalfestus]

Can anyone provide the public information on the currency?
-the hard cap
-circulating supply?
- platform of trading and the pair
I dont trust a government that fought cryptocurrency and sent many platform off.

[milewilda]

Can anyone provide the public information on the currency?
-the hard cap
-circulating supply?
- platform of trading and the pair
I dont trust a government that fought cryptocurrency and sent many platform off.

Dont know if this is the eNaira we've been talking on here: https://thebittimes.com/coin-ENAIRA-BSC.html


Date Deployed:   Oct-24-2021 22:04 GMT
Total Supply:   1,000,000,000,000,000 ENAIRA
Circulating Supply:   1,000,000,000,000,000 ENAIRA
Decimals:   9
Holders:   465

If it runs on blockchain then lets see if this one is totally centralized or decentralized.

[D-law]

Same government that fought with full strength against the adoption of Crypto Currency in the country, banned all acts,the least trust wallet found in your mobile phone can lead one to the cell.
Ain't this stupidity ?
Guess they saw the light outta a crack.
I don't think folks would want to use this though, the current government can be very deceiving.

[Masplanc]

If I may ask what are the features of this Enaira? Will their be interest that would be added to the money in the wallet? Can money be traded? If no, and the Enaira is just only for exchange and transfer of money, then I don't see any benefit of it because it is still the same thing as the bank app that has been existing before now.

[royalfestus]

Date Deployed:   Oct-24-2021 22:04 GMT
Total Supply:   1,000,000,000,000,000 ENAIRA
Circulating Supply:   1,000,000,000,000,000 ENAIRA
Decimals:   9
Holders:   465

If it runs on blockchain then lets see if this one is totally centralized or decentralized.

This is obviously a cryptocurrency on binance blockchain but I expect the central bank of Nigeria to give out this detail even to the address. They need a new website and social platforms like every other cryptocurrency before exchange listing. Anyone could have done this to scam people, which indicates the little knowledge of the financial system that wants to adopt cryptocurrency.

[CryptopreneurBrainboss]

I would like anyone from Nigeria to confirm this. Don't you people have services there where one can digitally transfer money from one person to another?
How different will that be from eNaira?

We have different service for that purpose and majority are working effectively. We have both Local and international service offering this. The only difference here is eNaira is been controlled by the government meanwhile this other services are controlled by individual bodies outside the government which makes it a little bit difficult for the government to control how they're been operated.

For example there's an online banking services provided called Kuda, this company has been having issue with the government as many Bitcoin enthusiast tends to turn to them instead of using the traditionally banks as government started showing negative signs towards enthusiast of the crypto industry.

Some clarification here, eNaira isn't a cryptocurrency so it's not on Binance/ethereum blockchain or any of the other blockchain/exchange out there. Any project you see is either scammers trying to leverage on the ignorant individuals or a totally different project.

[tyz]

If it runs on blockchain then lets see if this one is totally centralized or decentralized.

The project is mainly centralized. This is also the reason why the Nigerian government does not speak of a cryptocurrency but rather of a digital currency. eNira is an answer to this, as cryptocurrencies have recently gained popularity in Africa and the government is trying to keep control in the long run. For true crypto enthusiasts, this digital currency is not an alternative to Bitcoin and others.

[magneto]

The same comments could be made to any other decentralized crypto.

The fact that BTC is looked down upon but CBDCs are embraced is honestly an atrocity, but not a surprising one at the very least.

Governments want more control and that is exactly what BTC takes away from them. CBDCs, despite having the blockchain infrastructure, arguably centralizes the monetary system even more into the hands of the government/central bank which is hardly a good thing.

[fullhdpixel]

We have different service for that purpose and majority are working effectively. We have both Local and international service offering this. The only difference here is eNaira is been controlled by the government meanwhile this other services are controlled by individual bodies outside the government which makes it a little bit difficult for the government to control how they're been operated.

For example there's an online banking services provided called Kuda, this company has been having issue with the government as many Bitcoin enthusiast tends to turn to them instead of using the traditionally banks as government started showing negative signs towards enthusiast of the crypto industry.

Some clarification here, eNaira isn't a cryptocurrency so it's not on Binance/ethereum blockchain or any of the other blockchain/exchange out there. Any project you see is either scammers trying to leverage on the ignorant individuals or a totally different project.

So basically government created a token or a coin or whatever it is called, to rival cryptocurrencies that we know? Like basically saying to citizens "do not use bitcoin, come here we created this enaria project and all of you should use this instead" type of deal? In that case what are they really providing that could be more beneficial to public than crypto?

Aside from the fact that one of them is supported by the government (and even created by) and the other is seen in a negative light, I do not see enaira to be any better than crypto to be honest. What do you imagine will happen, will people move to enaira or will people stay in crypto?

[GeorgeJohn]

If I may ask what are the features of this Enaira?

From the look at it, eNaira is centralized currency like fiat currency, so i may the objectives is been launched or introduce is to save money in way of cryptocurrency, in future time it can be tradeable, but the only difference there is that, it's centralized currency.

Will their be interest that would be added to the money in the wallet?

yes of course that's while is called eNaira digital currency, the money is going to be kept digitally which wanna be in your wallet precisely with the exception of a bank, so bank is meant for Fiat alone.

[Sirait]

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

Fiat is only suitable for use as a means of payment/transaction, not suitable for investment like bitcoin. the emergence of eNaira only makes Nigerian fiat easier to use in their country and will not attract more investors to buy Naira. yeah.. thanks to the volatility of bitcoin, fiat is suck.

[kryptqnick]

I don't understand what's the big announcement, really. From what I've read, it's a digital representation of their fiat currency, but on blockchain. But so many things remain unclear... For example, if a person has a bank account and uses a debit card to pay for things in Nigeria, is this person using Naira or eNaira? What I'm asking is do banks somehow switch their clients to eNaira or is it to be obtained by individuals and companies in their own ways and to be stored only in special wallets? I think it'll make matters confusing because it's basically Naira and functions as such, but it's on blockchain... I also wonder which steps Nigeria's planning to take with decentralized cryptos now: will they try to 'sell' CBDC as a 'better' crypto while banning the real ones, or will they create a regulatory framework for cryptos, as they allegedly planned to do?

[dezoel]

It is not just about having a digital currency, can the country be able to keep the currency moving strong and having a better value? What I don’t really like about central bank digital currencies is the fact that it is the same thing with the Fiat we’re making use of. If a country should release a central bank digital currency, then it is the same thing as making use of their Fiat so I don’t really see the difference between the digital currency that they are releasing and the Fiat that is already being used.

Moreover there are now lots of electronic means that Fiat can be used, such as PayPal and the rest of them. So, it would have been best for this countries to just legalize cryptocurrency such as Bitcoin, why fiat just continues as it is.

[Fortify]

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

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.

I cannot help but wonder if this currency has been doomed from the beginning, as politicians in every country love to enrich themselves first and foremost. Are there any "founders" amounts that are portioned to wallets under the control of certain government officials? Can this currency be manipulated at will, if they want to devalue it or simply create extra money out of thin air? With all the existing cryptocurrencies out there which have much larger support bases and less chance of funny business, it does seem like a wasted effort and maybe unnecessary use of Nigerian resources to try replicating it into a country specific currency. Does it have any use outside of Nigeria or is it simply meant to be used internally? Worldwide adoption is what really gets these coins going.

[Hispo]

People from Nigeria welcomed Bitcoin due to the reckless choices in economical issues by their so called leaders that led to the downfall of their currency.

They have tried to stop Bitcoin because they are too stubborn to realize that Bitcoin it is not the problem, but the solution (that people adopted) to the problems they provoked while failing to the Nigerian people.

eNaira sounds interesting enough as a project, but in the hands of the same politicians and bankers that caused the problem in the first place, this new initiative will do nothing but repeat the history and make people to realize that Bitcoin is a lifesaving asset in a sea or corruption and centralized inefficiency.  Greetings from Venezuela to all the Nigerian users.

Down with tyranny.