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Nigeria chooses Bit for CBDC launch

Tuesday 31 August 2021 10:01 CET | News

Nigeria has announced it will work with Bitt as a technical partner in its bid to launch its own cryptocurrency, the ‘eNaira’, as the Central Bank says.

The Central Bank announced plans to launch its own digital currency later in 2021 after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February. 

Central Bank Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Barbados-based Bitt earlier in 2021 led development of the Eastern Caribbean Currency Union's ‘DCash’, the first digital cash issued by a currency union central bank.

Source: Link


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Keywords: CBDC, central bank, digital currency, digital assets, partnership
Categories: Banking & Fintech
Companies:
Countries: Nigeria
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Banking & Fintech