New world order or CBDC against cryptocurrencies

[zasad@]

1. CBDC launch   25 October 2021
Nigeria launches eNaira, Africa's first central bank digital currency
https://www.cbn.gov.ng/Out/2021/CCD/eNaira%20Launch%20Press%20release%20%20231021.pdf
https://www.african-markets.com/en/news/west-africa/nigeria/nigeria-launches-enaira-africa-s-first-central-bank-digital-currency

The Central Bank promised Citizens were promised discounts and benefits.

2.Complete failure  1 attempt   December 2022
583 thousand wallets downloaded and nigeria population 215 million people
https://nairametrics.com/2021/12/12/cbn-says-enaira-has-completed%e2%80%afn188-million-worth-of-transactions/

3. Punishment of citizens  December 2022
Nigeria Imposes $45 Daily Limit on ATM Withdrawals in Bid to Discourage Cash Use
https://bitcoinke.io/2022/12/nigeria-imposes-atm-limits/


4. Response from citizens Jan-February 2023
NEWSBitcoin soared to the equivalent of $38,000 in Nigeria
https://gadgettendency.com/bitcoin-soared-to-the-equivalent-of-38000-in-nigeria/

ATM smash in Nigeria
https://obvaldefoltovi4.livejournal.com/7897741.html

5.Punishment of citizens 14 Feb
Nigerian Central Bank Disregards Supreme Court Order, Says Old Naira Notes No More Legal Tender
https://saharareporters.com/2023/02/14/nigerian-central-bank-disregards-supreme-court-order-says-old-naira-notes-no-more-legal

6. Response from citizens 16 February 2023

JUST IN: Nigerians revolt at the Central Bank after it declared old currency notes no longer legal tender.
https://twitter.com/BitcoinMagazine/status/1625948089751113738?s=20

7. Response from CB 16 February 2023
Nigeria's Buhari grants 60-day extension to turn in old banknotes
https://www.reuters.com/world/africa/nigerias-buhari-grants-60-day-extension-turn-old-banknotes-2023-02-16/

"The ruling came shortly after the International Monetary Fund said Nigeria should consider extending its deadline to swap old banknotes because of the disruption to trade and payments caused by a shortage of new notes."
https://www.reuters.com/world/africa/nigerias-plan-ditch-old-banknotes-2023-02-08/

8.  BENUE TRADERS RESORT TO TRADE BY BARTER February 18, 2023
https://www.vanguardngr.com/2023/02/cashless-policy-benue-traders-resort-to-trade-by-barter/

https://guardian.ng/news/again-scourt-defers-ruling-on-naira-redesign-to-after-election/
The Supreme Court, yesterday, said it will deliver judgment in the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN) on March 3, effectively extending the stalemate to after Saturday’s presidential and National Assembly elections.

9. Protests continue Mar 2023
In Nigeria, citizens have taken to the streets to protest the nation’s cash shortage, further objecting to their government’s implementation of a central bank digital currency (CBDC).
https://www.coindesk.com/consensus-magazine/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries/

10. The protests continue, but citizens are forced to use the CBDC due to lack of cash. The number of wallets has grown to 13 million. Mar 2023
https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation

11. The next stage of implementation CBDC starts with the poor.     Mar 2023
https://bitcointalk.org/index.php?topic=5440827.msg61998996#msg61998996

12. The project curators from the International Monetary Fund have already thanked their subordinates for the work done. May 16, 2023
https://bitcointalk.org/index.php?topic=5440827.msg62277134#msg62277134
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There will be a continuation

[zasad@]

Do you think this is a Nigerian problem or is it a global problem for all countries whose authorities want to make a digital financial collar for their citizens?
I have seen information that CBDC will be launched in many countries, but will it work? Citizens do not need it and I think smart people will not use it.
In Russia, CBDC will be launched in April 2023, but so far I have no information about how it will be used, but the bill speaks of complete total control over the financial expenses of citizens and their management.

[jackg]

They HAVE to incentivise use of CBDCs, that's the only way they'll be adopted. No ones expecting an African currency (or most world currencies) to do what bitcoin has done in the last 15 years.

CBDCs will be incredibly risky unless they belong to a big enough or a closed off enough economy imo (look at doge - the same could happen to a smaller currency to make someone a lot of money to the detriment of everyone else trying to transact in it).

[avikz]

So it seems Nigeria is following Modi's plan but in a different context. Modi did the same in India to curb the use of black money and Nigeria did it to push the digital money. That's quite unfortunate that Nigerians are living under an authoritarian government.

Cryptocurrency should see positive responses from Nigerian due to this forceful nature of their government. Demonetization usually brings in more liquidity and positive upward trend to cryptocurrency similar to what we have seen in India.

[zasad@]

So it seems Nigeria is following Modi's plan but in a different context. Modi did the same in India to curb the use of black money and Nigeria did it to push the digital money. That's quite unfortunate that Nigerians are living under an authoritarian government.

Cryptocurrency should see positive responses from Nigerian due to this forceful nature of their government. Demonetization usually brings in more liquidity and positive upward trend to cryptocurrency similar to what we have seen in India.

Only thanks to these events, the cryptocurrency in Nigeria became the second national currency. The shadow market cannot be liquidated in this way. Even if cryptocurrencies are banned, barter will appear. I think that the central banks of your countries will take into account the mistakes in Nigeria and will lure users into this ecosystem with good bonuses.

[dansus021]

Do you think this is a Nigerian problem or is it a global problem for all countries whose authorities want to make a digital financial collar for their citizens?
I have seen information that CBDC will be launched in many countries, but will it work? Citizens do not need it and I think smart people will not use it.
In Russia, CBDC will be launched in April 2023, but so far I have no information about how it will be used, but the bill speaks of complete total control over the financial expenses of citizens and their management.

I think this was a Nigerian problem, as far as I know, CBDC is new technology and this gonna be used in national scale meaning this will face a problem.

and yes the launch of CBDC will also have a negative side "The downside of a CBDC would include challenges in preserving the Federal Reserve’s dual goals of monetary policy and preserving price stability. In addition, widespread use of a CBDC would be another payment form for consumers to choose and merchants to monitor in addition to cash, credit/debit, and checks. Consumers may also balk at the thought of the government’s computers being able to monitor all of their transactions and know the amount of CBDC cash earned and spent." - https://blogs.perficient.com/2022/01/27/pros-and-cons-of-a-potential-u-s-central-bank-digital-currency-cbdc/#:~:text=The%20downside%20of%20a%20CBDC,credit%2Fdebit%2C%20and%20checks.

although according to https://www.atlanticcouncil.org/cbdctracker/ there is a couple of successful countries that launched cbdc

[zasad@]

Do you think this is a Nigerian problem or is it a global problem for all countries whose authorities want to make a digital financial collar for their citizens?
I have seen information that CBDC will be launched in many countries, but will it work? Citizens do not need it and I think smart people will not use it.
In Russia, CBDC will be launched in April 2023, but so far I have no information about how it will be used, but the bill speaks of complete total control over the financial expenses of citizens and their management.

I think this was a Nigerian problem, as far as I know, CBDC is new technology and this gonna be used in national scale meaning this will face a problem.

and yes the launch of CBDC will also have a negative side "The downside of a CBDC would include challenges in preserving the Federal Reserve’s dual goals of monetary policy and preserving price stability. In addition, widespread use of a CBDC would be another payment form for consumers to choose and merchants to monitor in addition to cash, credit/debit, and checks. Consumers may also balk at the thought of the government’s computers being able to monitor all of their transactions and know the amount of CBDC cash earned and spent." - https://blogs.perficient.com/2022/01/27/pros-and-cons-of-a-potential-u-s-central-bank-digital-currency-cbdc/#:~:text=The%20downside%20of%20a%20CBDC,credit%2Fdebit%2C%20and%20checks.

although according to https://www.atlanticcouncil.org/cbdctracker/ there is a couple of successful countries that launched cbdc

I agree that it is important for business to make a system of fast and independent transfers, but there are several points. For businesses, the transfer of payments in one area between different banks takes from several hours to days, and a similar transfer between different areas can take several days. Even a transfer between organizations in the same bank takes several hours. But for individuals, transferring money to any point in Russia between different payment systems occurs almost instantly thanks to the Fast Payment System. How do banks work in your country?
I don't need CBDC.

[dansus021]

How do banks work in your country?
I don't need CBDC.

To be honest, in my opinion, my country doesn't need CBCD for now. Because if this domestic transfer everything went smoothly, you can directly transfer your money to another bank domestically and only cost around $0.16 before was $0.66 its already a price cut. and there is dozen of digital wallet app like Paypal here and there is a system called "QRIS" basically you can pay from a different bank and different digital wallet provider direct to the merchant and cost you nothing its free. But...

Although in Indonesia CBDC is on purpose "BI first began exploring a CBDC because they recognized the potential of the underlying blockchain technology, the need to reduce dependency on physical cash, and the fact that other central banks were exploring doing the same." - https://cbdctracker.org/currency/indonesia-digital_rupiah

[pawel7777]

Only thanks to these events, the cryptocurrency in Nigeria became the second national currency. The shadow market cannot be liquidated in this way. Even if cryptocurrencies are banned, barter will appear.

At this point, it's almost certain that cash is on its way out globally. When it happens, crypto is well-positioned to naturally take its place. That's why I expect a major crackdown on crypto to follow shortly after CBDCs are implemented. I don't expect they will just allow crypto to thrive and grow uncontrollably, if they won't straight up ban it, they'll make it really hard to use (by restrictions, taxes and reporting requirements) to keep it contained.

I think that the central banks of your countries will take into account the mistakes in Nigeria and will lure users into this ecosystem with good bonuses.

I think so too. Boiling the frog etc. UK announced that their CBDC will likely come with a limit that one person can hold of £10k-£20k, to prevent people abandoning traditional banks all at once.

BTW, it's kind of funny how's there literally zero resistance from the all-powerful banking sector, knowing that CBDC will likely to cripple their operations. Really makes you ponder 🤔

[zasad@]

Only thanks to these events, the cryptocurrency in Nigeria became the second national currency. The shadow market cannot be liquidated in this way. Even if cryptocurrencies are banned, barter will appear.

At this point, it's almost certain that cash is on its way out globally. When it happens, crypto is well-positioned to naturally take its place. That's why I expect a major crackdown on crypto to follow shortly after CBDCs are implemented. I don't expect they will just allow crypto to thrive and grow uncontrollably, if they won't straight up ban it, they'll make it really hard to use (by restrictions, taxes and reporting requirements) to keep it contained.

I think that the central banks of your countries will take into account the mistakes in Nigeria and will lure users into this ecosystem with good bonuses.

I think so too. Boiling the frog etc. UK announced that their CBDC will likely come with a limit that one person can hold of £10k-£20k, to prevent people abandoning traditional banks all at once.

BTW, it's kind of funny how's there literally zero resistance from the all-powerful banking sector, knowing that CBDC will likely to cripple their operations. Really makes you ponder 🤔

And all central banks are subject to a single regulator: the Bank for International Settlements and the Basel Committee on Banking Supervision. Therefore, all banks will follow their recommendations. Even in Russia, which breaks all world records for sanctions, but fulfills these requirements.

[zasad@]

protests continue
https://www.coindesk.com/consensus-magazine/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries/
Nigerians’ Rejection of Their CBDC Is a Cautionary Tale for Other Countries
"Nigerians are protesting the African country's digital currency and demanding renewed access to paper money, despite government incentives.

In Nigeria, citizens have taken to the streets to protest the nation’s cash shortage, further objecting to their government’s implementation of a central bank digital currency (CBDC). The shortage came about due to cash restrictions aimed at pushing the country into a 100% cashless economy. Yet, instead of adopting the CBDC, Nigerian protesters are demanding paper money be restored."

[NotATether]

Idunno, if a large amount of Nigerians are resorting to "trade by barter", then what does that say about bitcoin adoption over there. Sure, I know that scores of people are now using it after these events, but that apparently isn't enough people to get the government's attention - I believe BTC is still officially banned there anyway.

[zasad@]

Cryptocurrency allows you to buy goods in other countries, because the national currency has a lot of inflation. I have seen information about the popularity of stablecoins, but I have no way to verify the authenticity. If someone from Nigeria made some comments, it would be more clear.

[zasad@]

https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation
Nigeria CBDC adoption spikes as fiat currency shortage grip the nation
"The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation.

However, the lack of physical cash forced Nigerians to use the eNaira. In a country where cash accounts for about 90% of transactions, the value of eNaira transactions increased 63% to 22 billion nairas ($47.7 million), revealed a Bloomberg report.

Moreover, according to Godwin Emefiele, governor of the Central Bank of Nigeria, the total number of CBDC wallets grew more than 12 times compared with October 2022 and is currently at 13 million."

[Argoo]

At this point, it's almost certain that cash is on its way out globally. When it happens, crypto is well-positioned to naturally take its place. That's why I expect a major crackdown on crypto to follow shortly after CBDCs are implemented. I don't expect they will just allow crypto to thrive and grow uncontrollably, if they won't straight up ban it, they'll make it really hard to use (by restrictions, taxes and reporting requirements) to keep it contained.

The volume of cash may decrease, but I do not think that in the near and even distant future they will disappear. Yes, and we should not strive for this. Still, cash is not as controlled by the government as non-cash. Non-cash money has previously been entirely under the control of the banking system, and hence the government. CBDC is functionally much better than the current non-cash money, however, in terms of control, it is the same non-cash money.
Cryptocurrency, of course, expect times of further regulation by states and their governments. But if everything is in moderation, then it will take its rightful place in the global financial system.

[Poker Player]

Interesting. I've always been drawn to what's going on in Nigeria, I guess because of the large Nigerian community on the forum, but I didn't know in detail what had happened with the implementation of CBDCs there.

10. The protests continue, but citizens are forced to use the CBDC due to lack of cash. The number of wallets has grown to 13 million. Mar 2023
https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation

This point seems essential to me. The same thing will happen in the rest of the world. They are not going to be satisfied with the fact that many people are willingly giving up using cash to pay with their cell phones, they want to make it more difficult to accelerate the disappearance of cash. That's why they are putting limits on cash payments and there are fewer and fewer ATMs.

They HAVE to incentivise use of CBDCs, that's the only way they'll be adopted.

I think you are wrong. Most people will use them because they have the governments approval and that's it. Plus as I just said, they are going to make it more and more difficult to access cash, which coupled with people willingly not using it will push people to CBDCs.

[Gozie51]

So it seems Nigeria is following Modi's plan but in a different context. Modi did the same in India to curb the use of black money and Nigeria did it to push the digital money. That's quite unfortunate that Nigerians are living under an authoritarian government.

It is a sad situation that the government is not placing priority on the people. Digital money in Nigeria is still far from Nigeria because of so many reasons not excluding comatose network.

Demonetization usually brings in more liquidity and positive upward trend to cryptocurrency similar to what we have seen in India.

Unfortunately it is not so. The naira seizure or redesigned against the old one was not in any way made to encourage the use of cryptocurrency, even bitcoin trading is still not popular as the government is still placing a ban on it or have not publicly lifted the ban on it. The purpose for the naira seizure according to popular opinion in Nigeria was for only political reason to reduce vote buying in the just concluded election but all of that is a failure because the election is overtly rigged against the popular presidential candidate of labour party. What is worst and to prove that the naira challenge and impoverishing of masses is that same old naira have been released for circulation after the election, so it was not to encourage the use of cbdc or cryptocurrency. It was for selfish gains.

However, Op could have added protest going on in various Nigerian states especially in the capital territory at the inec head quarters and national assembly due to non compliance with the constitution, electoral laws and Inec guidelines in the conduct of the Feb 25 , 2023 presidential election. The naira crunch is sequel to the fraud and rigging of the election.

[pawel7777]

So it seems Nigeria is following Modi's plan but in a different context. Modi did the same in India to curb the use of black money and Nigeria did it to push the digital money. That's quite unfortunate that Nigerians are living under an authoritarian government.

It is a sad situation that the government is not placing priority on the people. Digital money in Nigeria is still far from Nigeria because of so many reasons not excluding comatose network.

Demonetization usually brings in more liquidity and positive upward trend to cryptocurrency similar to what we have seen in India.

Unfortunately it is not so. The naira seizure or redesigned against the old one was not in any way made to encourage the use of cryptocurrency, even bitcoin trading is still not popular as the government is still placing a ban on it or have not publicly lifted the ban on it. The purpose for the naira seizure according to popular opinion in Nigeria was for only political reason to reduce vote buying in the just concluded election but all of that is a failure because the election is overtly rigged against the popular presidential candidate of labour party. What is worst and to prove that the naira challenge and impoverishing of masses is that same old naira have been released for circulation after the election, so it was not to encourage the use of cbdc or cryptocurrency. It was for selfish gains.

However, Op could have added protest going on in various Nigerian states especially in the capital territory at the inec head quarters and national assembly due to non compliance with the constitution, electoral laws and Inec guidelines in the conduct of the Feb 25 , 2023 presidential election. The naira crunch is sequel to the fraud and rigging of the election.

You seem to have some first hand info.

So, if I understand correctly, all the situation was due to reduction of cash in circulation as part of pre-election games. Is the situation returning to normal after the election or is it getting worse?
And why was the turnout so low? I read it was around 27%. You would expect it to be much higher especially when there's a heated rivalry for the office.

And how's it looking with CBDC, is it available for use by an average Nigerians at all?

[cabron]

Zooming out a hundred times and you may see that Nigeria is a testing ground for the CBDC. If at first they only did this to Nigeria and succeeded they will do it to every country in the world. I think Nigerians are kicking back though.

Today we can see FED is destroying banks and the value of the USD through inflation. Sooner they will introduce CBDC in the guise of trying to protect the money from inflation by saying they already have the money and all the people have to do is install the CBDC app.

[zasad@]

https://www.bnnbloomberg.ca/nigeria-digital-currency-transactions-jump-63-on-cash-shortages-1.1898692
The value of eNaira transactions has surged 63% to 22 billion naira ($47.7 million) this year, while about 13 million so-called e-wallets have been opened, a more than 12-fold increase from October, said Godwin Emefiele, the Central Bank of Nigeria’s governor. The amount of currency circulating in Africa’s largest economy has meanwhile dropped to about 1 trillion naira from 3.2 trillion naira in September, he told reporters in Abuja, the capital, on Tuesday.

According to some unconfirmed sources, the number of wallets has grown because the government began to use CBDC to pay social support to the poor in the country.

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Please correct if this is a mistake. The next stage of implementation starts with the poor.