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[Flower]

The Nigerian government is set to launch its own digital currency. This became pertinent when some of the countries in the world are keying into the central bank digital currency "CBDC" projects. The Chinese is the leading country CBDC project as it recently planned to integrate the smart contract in its digital yuan known as e-CNY.

However, a reliable source said that statement was issued by the central bank of Nigeria. However, critics have started reacting to the proposed project pointing out that the blockchain technology employed in the creation of the CBDC is far more than the technological status of Nigeria.

 

[Josemendez]

Nigeria still have a long way to go before they can get to the level of using CBDC . Infact it is not what Nigeria needs right now. What they need is to come out from recession

 

[Flower]

Nigeria still have a long way to go before they can get to the level of using CBDC . Infact it is not what Nigeria needs right now. What they need is to come out from recession

The leaders are mediocres, they never have a serious plan to move the country forward but indulge a project they can't established.

 

[Wisdom01]

Nigeria still have a long way to go before they can get to the level of using CBDC . Infact it is not what Nigeria needs right now. What they need is to come out from recession

There are really other important things the government needs to look into apart from the cbdb they want to create , no would like to hold the digital currency if the naira value is low

 

[Flower]

There are really other important things the government needs to look into apart from the cbdb they want to create , no would like to hold the digital currency if the naira value is low

If it will follow the procedures of the CBDC project, it should not be attached to naira in any form. It should stand on its own as a digital currency.

 

[BullyMaguire]

So they choose to make their own.. questions is.. will the citizens use it when they won't gain anything from doing so? If i were a citizen of Nigeria i will never use this for what they did to Cryptocurrency which helps the people more than they did

 

[Josemendez]

If it will follow the procedures of the CBDC project, it should not be attached to naira in any form. It should stand on its own as a digital currency.

A country cannot have two different currencies. This is why all the countries interested in digital currency are upgrading to the digital version of their Fiat currency

 

[Wisdom01]

If it will follow the procedures of the CBDC project, it should not be attached to naira in any form. It should stand on its own as a digital currency.

It's going to be in form of Naira ,but the digital version where by you don't need the physical cash when it comes to transaction and others actually

 

[ElPaule]

The Nigerian government is set to launch its own digital currency. This became pertinent when some of the countries in the world are keying into the central bank digital currency "CBDC" projects. The Chinese is the leading country CBDC project as it recently planned to integrate the smart contract in its digital yuan known as e-CNY.

However, a reliable source said that statement was issued by the central bank of Nigeria. However, critics have started reacting to the proposed project pointing out that the blockchain technology employed in the creation of the CBDC is far more than the technological status of Nigeria.

i have read that more than 80 countries are currently developing a CBDC at the moment. I am really curious how these many approaches are rated against each other. I think there should be a website that lists all approaches of CBDCs and measures them against each other.

 

[Josemendez]

I believe if the numbers of the country implementing the use of CBDC increases, then there will be a general acceptance in the international market.

i have read that more than 80 countries are currently developing a CBDC at the moment. I am really curious how these many approaches are rated against each other. I think there should be a website that lists all approaches of CBDCs and measures them against each other.

 

[Corzhens]

This is the 3rd thread that I had read about a country that will have their own digital currency. The Philippines also has plans of the digital currency in a way to prevent the spread of the covid virus. Digital currency is like cash but there it is not in the physical form.

 

[Niftyicon]

Honestly, I am unable to understand why Nigerian government wants to venture into digitalizing the naira when the leaders have not given enough room to understand the block chain technology and how it works.

 

[Flower]

A country cannot have two different currencies. This is why all the countries interested in digital currency are upgrading to the digital version of their Fiat currency

If that's the case, we already have the digital naira. It's just like the figure we see on our banking apps.

 

[crypworld]

The country should make use of bitcoins and other cryptocurrencies in eradicating poverty in their country, instead of concentrating on their own digital currency, which would never have a demand in the international market.

 

[Razor1911]

The country should make use of bitcoins and other cryptocurrencies in eradicating poverty in their country, instead of concentrating on their own digital currency, which would never have a demand in the international market.

Yes a country like Nigeria should take forward step for cryptocurrencies. There are many youth people who are earning cryptocurrency as a freelancer. They will be highly benefited.

 

[Josemendez]

If that's the case, we already have the digital naira. It's just like the figure we see on our banking apps.

I think they want the paper money to seize to exist under the CBDC plan. This is why it is not going to be easy for underdeveloped country like Nigeria

 

[Kazcidy]

The Nigerian government is set to launch its own digital currency. This became pertinent when some of the countries in the world are keying into the central bank digital currency "CBDC" projects. The Chinese is the leading country CBDC project as it recently planned to integrate the smart contract in its digital yuan known as e-CNY.

However, a reliable source said that statement was issued by the central bank of Nigeria. However, critics have started reacting to the proposed project pointing out that the blockchain technology employed in the creation of the CBDC is far more than the technological status of Nigeria.

Yeah, i heard this too

 

[Razor1911]

I think they want the paper money to seize to exist under the CBDC plan. This is why it is not going to be easy for underdeveloped country like Nigeria

Digitalization is the main focus here. The digital currency will have all the features of a physical currency, and very less it will reflect the the characteristics of a crypto coin .

 

[Flower]

I think they want the paper money to seize to exist under the CBDC plan. This is why it is not going to be easy for underdeveloped country like Nigeria

If we really look inwards on the CBDC project, it's uses the blockchain technology and that makes it a cryptocurrency. It should be different from the digital naira.

 

[Josemendez]

If we really look inwards on the CBDC project, it's uses the blockchain technology and that makes it a cryptocurrency. It should be different from the digital naira.

Crypto as a term works in a different approach. The blockchain can host anything digital. There are games built on the blockchain .
Building CBDC on blockchain doesn't make it crypto just as using cryptocurrency to as a payment method doesn't mean that it is legal