TL; DR Breakdown
โข eNaira has its website and mobile wallet available.
โข Nigeria has changed its stance towards cryptocurrencies.
Nigeria appears to have made a favorable decision towards the cryptocurrency market following the announcement just made by its president. Nigerian High Command Muhammadu Buhari said he is prepared to launch his central bank-issued eNaira token.
The West African country, which has led one of the most powerful economies in the region, feels poised to advance the virtual market with its new token. In this way, Buhari and the CBN demonstrate that the ban on cryptocurrencies imposed in the country will be in the past.
eNaira: the new cryptocurrency issued by the Bank of Nigeria
The CBN reported that eNaira is the result of its new cryptocurrency-based legal project. The central entity seeks to normalize cryptocurrency trading under its conditions, and eNaira is part of those objectives to be met.
The CBN said that eNaira is making adjustments to provide it to all citizens, both in metropolitan and rural areas without banks. However, the central authority said that its official website is already operational and it has a mobile wallet for fans to obtain the token.
This crypto would enter the CBDCs focused on a central authority such as the Bank of Nigeria. But decentralized currencies like Bitcoin they do not have a national body to control them. eNaira would be next to the YuanCoin that would be issued by the central bank of China.
This crypto move in Nigeria also led the country of Ghana to create its own CBDC. Everything indicates that Africa would enter the list of the main regions of the world that take advantage of centralized virtual currencies.
African country abandons crypto regulations
Given that Bitcoin It marked a milestone in the digital market, several countries have sounded alarms to prevent this wave of adoptions from spiraling out of control, including Nigeria. Africa has tried to regulate and even ban cryptocurrencies in the region since the first quarter of the year.
In February, the CBN banned banks from using cryptocurrencies, and if they broke the law, they would be penalized. According to the central entity, cryptocurrencies have no real value and only serve as a scam mechanism, the same thinking that several anti-crypto regulators have.
But the flow of crypto transactions increased to more than 17 percent following these strict regulations from the Nigerian bank. Show that the country's citizens had adapted to the new financial model and had no intention of abandoning it. The CBN announced since the third quarter of the year that it was working on a backed virtual currency.
The bank is forgetting the regulations against cryptocurrencies and moving towards their immediate acceptance, and the CBDC looks like its first step. On the other hand, the Bank of Nigeria has also made Bitcoin or other tokens more flexible.
