Nigerian president announces launch of CBDC

On Monday, October 25, Nigeria’s president Muhammadu Buhari announced the launch of the national digital currency (CBDC). The project was developed with fintech company Bitt.

eNaira, the Bitt-developed central bank digital currency (CBDC), has officially rolled out in Nigeria.

Continue reading here: https://t.co/63HyPB8jyy#bittbybittt #blockchain #cbdc #enaira #dcms #digitalmoney #digitalpayments pic.twitter.com/uohzDhjU92

— Bitt (@BittGlobal) October 25, 2021

Two applications for using the CBDC are already available for download in the App Store and Google Play. The Central Bank of Nigeria (CBN) issued the first 500 million eNaira (worth about $1.2 million).

“The launch of eNaira is the culmination of several years of central bank research and expands the boundaries of the payments system to make financial transactions simpler and more accessible to all segments of society. … eNaira marks an important step forward in the evolution of money,” according to a CBN statement.

In June the regulator announced the launch of a pilot project with the digital naira. Later, a central bank representative clarified that CBDC will supplement cash and will benefit citizens, the local economy and cross-border trade.

Earlier, in August, the CBN presented a draft of the CBDC guiding principles. According to the document, the regulator will handle the issuance, distribution and redemption of the digital naira.

For a look at how central bank digital currencies could affect economic freedoms, read ForkLog:

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