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Nigeria Upgrades CBDC to Steer People Away from BTC and Altcoins

The Central bank’s spokesperson, Bariboloka Koyor, emphasized the importance of early adoption. According to Koyor, once the e-Naira takes off in the country, it will be the only way to receive financial aid from the local government. In addition to this, research carried out last month revealed the e-Naira to be ranked as the most developed CBDC in the world, beating out those of China, South Korea and Bahamas.

Last year, the Nigerian government ran a pursuasive promotional campaign for the eNaira, led by the tagline “Same Nara, more possibilities.” However, the naira itself has plummeted by 209% in the last six years. Faced with this reality, a huge number of Nigerians took interest in crypto. Just last month, one popular Nigerian crypto exchange revealed that over 33 million Nigerian citizens held or traded cryptocurrencies in the second half of 2021

Ever since the eNaira’s launch in October last year, the rules on crypto trading have been tightened. Commercial banks are now required to track their clients activity and report to the government if any sign of crypto trading is picked up. This has already caused significant damage to the IT sector, especially fintech, as explained in a report by the Secretary Generals of the Organisation for Economic Co-operation and Development and the United Nations.

To summarize, the CBDC doesn’t seem to be showing any signs of slowing down. Recently, it was reported that a whopping 80% of central banks are working on their own digital currencies. China was the first country to put the ambition to practice and now offers its digital yuan app to citizens from 23 cities, with plans to expand further.

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Source: Cryptocurrency - investing.com

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