The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on October 1.


Nigeria to pilot central bank digital currency in OctoberNEWS
For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC).

On October 1, CBN will reportedly launch a pilot scheme for “GIANT” – a CBDC project in development since 2017, which runs on the open-source blockchain Hyperledger Fabric.

Rakiya Mohammed, CBN’s information technology director, said the bank might conduct a proof-of-concept before the end of 2021. In a webinar this week with stakeholders, CBN representatives reportedly emphasized that the institution could not afford to be left behind while the vast majority of central banks worldwide make headway with their own CBDC research and development.

Among the motivations cited for the project, CBN has noted that a CBDC would be beneficial for macro and growth management, cross-border trade support, and financial inclusion.

Potential benefits could still extend further, in CBN’s view, ranging from higher efficiency for payments and remittances, better monetary policy transmission, improved tax revenue collection, and the facilitation of targeted social policies.

Alongside CBN, the Bank of Ghana has this summer been moving rapidly towards the pilot stage for its own central bank digital currency. The country has positioned itself as a pioneer in CBDC development on the continent and considers central bank-issued digital currencies to be superior to and less risky than decentralized cryptocurrencies.

However, Ghana’s wariness of crypto is overshadowed by Nigeria’s more aggressive measures, which include a ban on commercial banks and other financial institutions from servicing crypto exchanges. Despite this, Bitcoin adoption and BTC peer-to-peer trades have remained high in the country

What are your thoughts on this development?

Source: https://cointelegraph.com/news/nigeria-to-pilot-central-bank-digital-currency-in-october

So since 2017 they have been mining free?

But why did u guys band cryto currencies b4

Central bank controlled digital currency = centralization. In crypto, we aim for a decentralized currency void of total control of any organization. In a broader view, this is a win for cryptocurrency. It'll definitely lead to more adoption and getting people introduced to blockchain tecnology.

Wow, that's nice

So it's not crypto that's evil that made them ban it. They want Something their govt can control

When will this one fly? I swear Buhari government na yahoo yahoo yahoo

Buy at your own peril

Smiling. Caricature.

It is not crypto if it's centralized and a key is handed over to someone.

victorix:
Central bank controlled digital currency = centralization. In crypto, we aim for a decentralized currency void of total control of any organization. In a broader view, this is a win for cryptocurrency. It'll definitely lead to more adoption and getting people introduced to blockchain tecnology.

There is nothing decentralized about any crypto ...open your eyes man and stop being gullibled by danced terms

So at the end of the day, they really wanted to be able to control crypto, that was why they banned it.

I just feel sorry for whoever would invest in it.

FarahAideed:


There is nothing decentralized about any crypto ...open your eyes man and stop being gullibled by danced terms

I would appreciate it if you could support your statement with facts.

victorix:


I would appreciate it if you could support your statement with facts.

The facts surrounds you but since you can't see then enjoy ... Decentralized indeed

FarahAideed:
Buy at your own peril

I'm sure you'll partake if they did an airdrop.

FarahAideed:


The facts surrounds you but since you can't see then enjoy ... Decentralized indeed

Well, if you could just point me in the right direction, you don't know, you might just be educating someone.

victorix:


I'm sure you'll partake if they did an airdrop.

I don't partake in airdrops..I am not a sheep

FarahAideed:


I don't partake in airdrops..I am not a sheep

Well, it's not only shitcoins that gets airdropped. If you've gone deep into this crypto stuff, you'll know what I meant. Uniswap, the largest decentralized exchange on Ethereum did an airdrop when they launched their DeFi token for liquidity providers. Personally, this year, I've gotten over $2000 from airdrops alone. And I don't mean shitcoins or those where they'll ask people do to taskes on Twitter or telegram. Most shitcoins airdrops has no value or liquidity so you can't really swap or make a trade with them.

FarahAideed:


There is nothing decentralized about any crypto ...open your eyes man and stop being gullibled by danced terms

Crypto is decentralized, Not untraceable. that’s two different things you need to educate yourself on.

The end is near

Great news

Anything to hasten the second coming of my Lord is a welcome development

One world digital currency loading

KaluwisxPRO:


Crypto is decentralized, Not untraceable. that’s two different things you need to educate yourself on.

When all the ledgers and contracts are open yet you say it's not traceable ? You people just love bogus terms and are blind to the fact ...there nothing that is done any electronic device that's not traceable ..ask all the hackers that callected Ransom on crypto how quick they were arrested

FarahAideed:


When all the ledgers and contracts are open yet you say it's not traceable ? You people just love bogus terms and are blind to the fact ...there nothing that is done any electronic device that's not traceable ..ask all the hackers that callected Ransom on crypto how quick they were arrested

Do you even understand English See how you’re embarrassing yourself.

Decentralized does not make it untraceable, It simply means it has no central control, no one has openely said crypto is not traceable, what everyone who has invested in crypto is saying is, it is not controlled by anyone, institutions, or government.

On Defi (Decentralized Finance), you can take loans from pool of funds gathered together by Other crypto investors, at a rate calculated by blockchain technology on number of borrowers and lenders as well as market value of the borrowed assets. There’s no bank in between or agreement, everything is done on the technology. That is an example of decentralization, where you do not need to deal with a bank before you get a loan or be told what your interest are by the government against your mortgage.

The investors, you and me pooling the funds together, controls the rate, not the institutions.

Wow, dude. You need to STFU if you don’t know what you’re against. ignoramus, how can blockchain transaction be secret when everything is on an open ledger from the beginning of the technology??

KaluwisxPRO:


Do you even understand English See how you’re embarrassing yourself.

One thing about you crypto sheep is that you think you know what you are doing but you don't ...Keep dashing little Ukrainians and romanians your small money to buy Lambos and Ferraris ...Y'all are just sheep being scammed silly by smart kids somewhere ... Ask yourself you have been doing this crypto to thing for a while how come all you can show is numbers on a screen and empty pocket ? ...Abeg open your eyes ...last year people like you were saying Crypto was a hedge against inflation and when people like me told y'all the truth you called me ignorant .now you are talking about some imaginary decentralization and invisibility ... Oga if you are not the creator of a coin ,you are the maga in this grand ponzi scheme

FarahAideed:


One thing about you crypto sheep is that you think you know what you are doing but you don't ...Keep dashing little Ukrainians and romanians your small money to buy Lambos and Ferraris ...Y'all are just sheep being scammed silly by smart kids somewhere ... Ask yourself you have been doing this crypto to thing for a while how come all you can show is numbers on a screen and empty pocket ? ...Abeg open your eyes ...last year people like you were saying Crypto was a hedge against inflation and when people like me told y'all the truth you called me ignorant .now you are talking about some imaginary decentralization and invisibility ... Oga if you are not the creator of a coin ,you are the maga in this grand ponzi scheme

Since you just realized you’ve said a whole bunch of rubbish, you got nothing else than gibberish to spill. Continue with your ignorance, your government has already embraced Blockchain in your face while you call the technology a scam. Who’s the f00l..?

KaluwisxPRO:


Since you just realized you’ve said a whole bunch of rubbish, you got nothing else than gibberish to spill. Continue with your ignorance, your government has already embraced Blockchain in your face while you call the technology a scam. Who’s the f00l..?

Govt saw how you guy dashed Romanian scammers almost 30 billion dollars in a year and they are now interested in milking you ...Money in circulation is already 70 percent digital numbers so ask yourself what digital currency your criminal govt is cooking? ..na to milk U again ...Neatest ponzi scheme ever and you are the sheep

The same people that banned cryptocurrency transactions

FarahAideed:



Govt saw how you guy dashed Romanian scammers almost 30 billion dollars in a year and they are now interested in milking you ...Money in circulation is already 70 percent digital numbers so ask yourself what digital currency your criminal govt is cooking? ..na to milk U again ...Neatest ponzi scheme ever and you are the sheep

Cry all you want, Ignorance from people like you is the reason why everyone is a ritualistis or yahoo boy in your eyes.

Na Wetin you no know your mate take pass you, continue to deathrow anyhow wey you want. Na your life, nobody go hold you make hunger no kpai you Las Las

FarahAideed:


One thing about you crypto sheep is that you think you know what you are doing but you don't ...Keep dashing little Ukrainians and romanians your small money to buy Lambos and Ferraris ...Y'all are just sheep being scammed silly by smart kids somewhere ... Ask yourself you have been doing this crypto to thing for a while how come all you can show is numbers on a screen and empty pocket ? ...Abeg open your eyes ...last year people like you were saying Crypto was a hedge against inflation and when people like me told y'all the truth you called me ignorant .now you are talking about some imaginary decentralization and invisibility ... Oga if you are not the creator of a coin ,you are the maga in this grand ponzi scheme

See as you are disgracing your ancestors on public forum

isaacsegun:


See as you are disgracing your ancestors on public forum

Abeg park well... go look numbers and leave me alone