{"id":12940,"date":"2021-10-07T12:54:04","date_gmt":"2021-10-07T12:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerians-optimistic-cbdc-will-improve-payments-and-help-promote-cryptocurrencies\/"},"modified":"2021-10-07T12:54:04","modified_gmt":"2021-10-07T12:54:04","slug":"nigerians-optimistic-cbdc-will-improve-payments-and-help-promote-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerians-optimistic-cbdc-will-improve-payments-and-help-promote-cryptocurrencies\/","title":{"rendered":"Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies"},"content":{"rendered":"

Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it \u201ceasier for the naira to be widely used and accepted.\u201d<\/strong><\/p>\n

E-Naira Launch a Boon for Cryptos<\/h2>\n

In fact, according to a VOA report<\/a>, some Nigerian blockchain experts like Janet Kaatyo believe the e-naira launch will work in favor of cryptocurrencies. Prior to the Central Bank of Nigeria (CBN)\u2019s February directive<\/a>, cryptocurrency usage and trading in Nigeria had surged due in part to pandemic-related movement restrictions.<\/p>\n

However, this growing popularity as well as the depreciation of the naira eventually forced the CBN to act. Soon after ordering banks to squeeze out crypto players, the CBN began promoting the e-naira which it claimed would \u201cease monetary transactions and improve the long-term value of Nigeria\u2019s currency.\u201d<\/p>\n

CBDC Role in Fighting Corruption<\/h2>\n

While the CBN has yet to announce the new launch date for the e-naira, some Nigerians like Daniel Yerimah, a digital strategist, are still hopeful this central bank digital currency (when rolled out) will help authorities curb corruption and money laundering.<\/p>\n

\u201cEverything built on blockchain is very safe and secure. Another thing again is it\u2019s universal, parts of the benefits they intend to achieve with the eNaira is it will be used for both international and local trade and also it\u2019s going to be to fight corruption,\u201d the report quotes Yerimah explaining.<\/p>\n<\/p>\n

Despite the optimism exhibited by both the CBN and blockchain experts, there are ongoing concerns \u201cthe emergence of CBDCs will cut off roles played by intermediary banks and give the central bank more control over citizens\u2019 financial rights,\u201d the report notes. Still, another Nigerian blockchain expert, Jadel Chidi, says he disagrees.<\/p>\n

Instead, Chidi says he foresees the CBN eventually creating \u201ca portal where each e-naira user will be able to access their e-wallet through the database they already have with their bank.\u201d<\/p>\n

Do you agree that the emergence of the e-naira will help curb corruption and money laundering? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nFintech, Blockchain, CBDC, CBN crypto, Central Bank of Nigeria, e-naira, e-naira launch, e-Wallet<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it \u201ceasier for the naira to be widely used and accepted.\u201d E-Naira Launch a Boon for Cryptos In fact, according to a VOA report, some Nigerian blockchain experts like Janet Kaatyo believe…<\/p>\n","protected":false},"author":0,"featured_media":12941,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12940"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12940"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12941"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}