{"id":58317,"date":"2021-07-24T09:01:19","date_gmt":"2021-07-24T09:01:19","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=58317"},"modified":"2021-07-24T09:01:19","modified_gmt":"2021-07-24T09:01:19","slug":"report-nigeria-to-start-piloting-digital-currency-in-october","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=58317","title":{"rendered":"Report: Nigeria to Start Piloting Digital Currency in October"},"content":{"rendered":"

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The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the \u201ce-naira,\u201d is expected to use the Hyperledger Fabric blockchain. <\/strong><\/p>\n

CBDC Comes to Life<\/h2>\n

The revelation of the launch date for Nigeria\u2019s central bank digital currency (CBDC) comes just a few months after central bank governor, Godwin Emefiele, said<\/a> the digital currency will soon \u201ccome to life.\u201d It also comes after the CBN suggested<\/a> in June that Nigeria would have its own CBDC by the end of the year.<\/p>\n

With this revelation \u2014 when confirmed officially \u2014 Nigeria will become the second West African nation to announce the pilot phase of its own digital currency in 2021. As previously reported<\/a> by Bitcoin.com News, the Bank of Ghana is the other country from the region to announce a start date for its digital currency project.<\/p>\n

Culmination of a Long-Running Study<\/h2>\n

As the Nairametrics report<\/a> quoting Central Bank of Nigeria IT director Rakiya Mohammed explains, the announcement is the culmination of the central bank\u2019s research into digital currencies which started in 2017. The director added that the CBN might still \u201cconduct a proof of concept before the end of this year.\u201d<\/p>\n

<\/ins> <\/ins> <\/p>\n

In the meantime, the report reveals some of the focus areas that stand to benefit from the rollout of the e-naira. Some of these areas include cross-border trade, monetary policy, tax revenue collection, and remittance inflows.<\/p>\n

Do you agree that the CBDC will be beneficial to the broader Nigerian economy? You can share your views in the comments section below. <\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the \u201ce-naira,\u201d is expected to use the Hyperledger Fabric blockchain. CBDC Comes to Life The revelation of the launch date for Nigeria\u2019s central […]<\/p>\n","protected":false},"author":2,"featured_media":58318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-58317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/58317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58317"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/58317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/58318"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}