• Skip to main content
  • Skip to primary sidebar

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Tokenomics is not Economics – Digital CX -The Digital Transformation
  • Resume / CV – Michael Noel
  • Contact Us
  • Featured
You are here: Home / Blockchain / CBN is continuing to develop its eNaira

Feb 21 2023

CBN is continuing to develop its eNaira

The Central Bank of Nigeria (CBN) is making progress on the development of its central bank digital currency (CBDC), the eNaira; nevertheless, the CBN is seeking assistance this time around.

The Central Bank of Nigeria (CBN) is reportedly in discussions with new “technology partners” to establish a new and better system to administer the eNaira, as stated in a story published by Bloomberg on February 21.

According to people with direct knowledge of the situation, the Nigerian financial authority has reportedly discussed these intentions with the technology company R3, which is situated in New York.

The CBN will have full control over the effort thanks to new software that will be developed for the eNaria; nevertheless, the source who did not want to be identified said that the information on this topic is private.

In 2021, with the assistance of the financial software business Bitt, efforts were initiated to establish a digital currency known as the eNaira. According to the article, the new partner will not instantly take over Bitt’s function but would assist phase in absolute responsibility for the Nigerian central bank. This will take place over the course of many years.

Bitt has acknowledged, in a statement, that it is cognizant of the fact that the CBN collaborates with a variety of partners on its technical advancements. It affirmed that it continues to maintain strong collaboration with the CBN and that it is “actively developing further features and upgrades.”

Despite the fact that Nigeria was one of the first nations to introduce a CBDC, the country’s digital currency, the eNaira, got off to a slow start, and adoption was minimal. Only 0.5 percent of Nigerians are reportedly utilizing the CBDC, which leads some to conclude that the grandiose initiative has been “crippled.”

In January, a Nigerian entrepreneur became the first person in the nation to create an operational Bitcoin Lightning node. Not long before that, the government made public its intention to develop a regulatory infrastructure for stablecoins as well as initial coin offers (ICOs).

Nigeria is one of over 90 nations across the world that is investigating the usage of CBDCs. Among the others are Russia and Japan, both of which are making preparations to launch their own currencies before to the summer. Additionally, the city of San Francisco is investigating the potential for the establishment of a CBDC system.

However, CBDCs are facing opposition from activists who refer to them as “surveillance instruments.” This opposition is now being actively pursued.

[mailpoet_form id="1"]

CBN is continuing to develop its eNaira Republished from Source https://blockchain.news/news/cbn-is-continuing-to-develop-its-enaira via https://blockchain.news/RSS/

Written by bizbuildermike · Categorized: Blockchain · Tagged: blockchain

Primary Sidebar

https://youtu.be/Qvad1CQ9WOM

Blockchain Weekly Rebooted –

During the Blockchain Spring 2016 to 2020 I hosted Blockchain Weekly. Each week I interviewed someone who was doing interesting things in the blockchain space. At one time we had 29k subscribers and we were consistently getting over 15k views a week on the channel. All of that went away during the lockdown, including the Gmail address that controlled that channel. Recently, I found some of the original videos on some old hard drives. So I’m reposting a few of the relevant ones while I am starting to shoot new Blockchain Weekly Episodes to be aired 1st quarter 2023. Please subscribe to bless the You Tube Algorithm, and allow me to let you know about any updates! Our Sponsor – https://BlockchainConsultants.io

The Utah State Legislature has approved a new law, the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to decentralized autonomous organizations (DAOs). This legislation, also known as the “Utah LLDs,” was passed after the combined efforts of the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act defines […]

Search Here

Market Insights

  • FTX Founder Allegedly Sought Federal Regulation Before Collapse
  • DeFi Hack Linked to North Korea
  • US Banking Crisis Fuels Regulation Debate
  • HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
  • Swiss regulators consider UBS takeover of Credit Suisse to prevent collapse
  • Mid-Size Banks Ask for Deposit Insurance Extension
  • Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days
  • Binance Responds to U.S. Senators Letter, Excludes Financial Data
  • Crypto Entrepreneur Bail Package Revised
  • DeFi Hacker Returns $5.4M to Euler Finance

Tags

AI (259) andrewchen (4) Biz Builder Mike (28) Blockchain (824) Crowd Funding (68) crowdfundinsider (2) entrepreneur (957) eonetwork (42) Front Page Featured (33) MIT AI (89) startupmindset (145) Technology (667) virtual reality (1) youngupstarts (99)
  • Twitter
  • Facebook
  • About Us
  • LinkedIn
  • ANTI-SPAM POLICY
  • Google+
  • API Terms and Conditions
  • RSS
  • Archive Page
  • Biz Builder Mike is all about New World Marketing
  • Cryptocurrency Exchange
  • Digital Millennium Copyright Act (DMCA) Notice
  • DMCA Safe Harbor Explained: Why Your Website Needs a DMCA/Copyright Policy
  • Marketing? Well, how hard can that be?
  • Michael Noel
  • Michael Noel CBP
  • Noels Law of decentralization

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in