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Author Topic: eNaira launched in Nigeria as a digital currency  (Read 427 times)
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November 01, 2021, 06:13:09 AM
 #41

A good Nigerian for bitcoin investing is failing to use it properly so they are launching their own currency eNaira in an attempt to stop it this makes it easier for them to use their own currency. Nigeria the largest economy in africa has launched the e-Naira the first digital currency on the african continent nigeria is one of the few countries in the world to have introduced an electronic money system. Leaders hope that will help increase the country's gross domestic product and fight inflation.

You should probably add the source of the sentence you copied and paraphrased. Don't you think so? For example, how it is done here. Otherwise, your post looks like ordinary copying, which will soon lead you to a ban on the forum.

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November 08, 2021, 03:17:48 AM
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 #42

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.  


I'm a part of those who have always said that through the introduction of enaira, many other Nigerians who have not heard about bitcoin and crypto will now do, because this enaira will always be in comparison with bitcoins and cryptocurrency, and then the more comparison is drawn, the more people will want to know about bitcoins and cryptocurrency. Still great news for the bitcoin community.


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November 08, 2021, 05:25:45 AM
 #43

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
Bitcoin is decentralised crypto but all these center owned crypto have nothing in similar with them and will not succeed in creating something like that.Just imagine you are having digital cash stored on your phone and you get some tokens with the same amount to spend but nothing new and any new law passed by government will make changes to it and even they can restrict you from making any transactions at all so what's the fun of them? The government coming up with this cannot hinder the growth of bitcoin at any cost.

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November 09, 2021, 04:50:29 AM
 #44

Some of the third world governments are thinking that their CBDC shitcoins will be able to replace cryptocurrencies such as Bitcoin and Ethereum. I have to say that they are living in a fool's paradise. At the most, these CBDCs will replace digital versions of fiat, especially in domains such as freelancing and remittance payments. Cryptocurrencies are in use because they offer anonymity and protection against inflation, something which the CBDCs can't offer. So no matter how hard the governments try, they won't be successful.

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November 09, 2021, 05:38:54 AM
 #45

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.
let us be realistic, because it's very obvious that non digital currencies is such a currency that operate manually or been centralized and control by a specific sector, which we actually made mention of bank ( regulator's ) as one, so when emphasising on digital currency, this totally different from non digital currency, because digital currency is made electronic method of money with another dimension, but both are money but in different varieties.

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November 09, 2021, 08:09:17 AM
 #46

Just imagine you are having digital cash stored on your phone and you get some tokens with the same amount to spend but nothing new and any new law passed by government will make changes to it and even they can restrict you from making any transactions at all so what's the fun of them?
Yeah, that was the same thought that crossed my mind when I saw this news about the Nigerian government launching the E-Naira as their own central bank digital currency. After the protest that was held by Nigerian citizens in the year 2020, their government realized how strong the bitcoin network can be and what people will be able to achieve with it, that’s why they quickly rushed to ban Bitcoin from the country and then released their own CBDC, which to me, is completely useless.

Bitcoin gives freedom to the people to do whatever they want to do, but a cryptocurrency that is controlled by the government is not going to give that same  freedom to the people. They (government) can even decide to shut down your wallet/account at any time. So, it’s a double NO for me.

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November 09, 2021, 07:08:57 PM
Merited by The Sceptical Chymist (2)
 #47

Right from the start, my skepticism for the eNaira project has known no bounds. My reasons are legion but let me just state two here. The first being that I don't trust the Nigeria politicians to do the right thing. This could be another way to siphon the country.

Secondly, except all transactions with the eNaira will be on the blockchain, it doesn't make sense as the system will also be corrupted like every other thing Nigerian politicians touch. I won't ever touch anything that calls itself cryptocurrency that can't be traced on the blockchain.

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April 03, 2024, 01:53:13 AM
 #48

The Currency says it uses that same Blockchain Tech as Bitcoin, does anyone know how to Mine this Currency. Zimbabwe is about to Launch One now too.
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April 03, 2024, 02:11:16 AM
 #49

What I can see in this is story is the same thing as Digital Yuan and any other electronic cash that's developed by the government, they're not going to be more valuable than what the government allows them to be, they're akin to just having your own fiat but it's in digital form, this is just another form of control for the government so the people don't have to invest in any other cryptocurrency out there, don't let the smiles of the people that have created and approved of this, CBDC is never going to be successful, governments have tried to do that before and they've never been faced with any success, just stick to bitcoin.

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April 03, 2024, 02:28:19 AM
 #50

Right from the start, my skepticism for the eNaira project has known no bounds. My reasons are legion but let me just state two here. The first being that I don't trust the Nigeria politicians to do the right thing. This could be another way to siphon the country.

Secondly, except all transactions with the eNaira will be on the blockchain, it doesn't make sense as the system will also be corrupted like every other thing Nigerian politicians touch. I won't ever touch anything that calls itself cryptocurrency that can't be traced on the blockchain.
eNaira can help Nigerian government to trace their citizens' money flows more easily.

eNaira will perform digitally and government, not only Nigerian government but any nation and government use CBDC, will be able to do the same, make their money printing more easily.

A digitalized or blockchanized version of fiat currency can not solve inflation because inflation comes from many factors in a country. Only a different version of technology used to create and govern fiat currency can not help to solve inflationary problem.

R


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April 06, 2024, 03:40:26 PM
 #51

So basically fiat money but digital?

A lot of concerns might be brought up because if the government is technically still controlling the said coin then is it still really an altcoin? Coins are mostly decentralized and that core feature I believe must be upheld even by developers.









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April 08, 2024, 07:27:56 PM
 #52

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.

They're not even closed to achieving this new implementations,what's the purpose of thus eNaira in the first place,or It's true that they like and admire bitcoin as a digital currency but they want the one the currency that will be managed and supervised all by themselves.This eNaira is entirely managed by the CBN;the idea of it been backed by the CBN is totally...is this really going to improve financial services.
 The Central Bank of Nigeria (CBN) on Monday, 25 October 2021 launched the digital currency – eNaira, making it the fifth digital currency to be launched in the world and the first in Africa,however,its innovation and creation has been silent for some time now and we haven't seen yet any progress to accomplish this great task.

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