Do you think Nigerian governments has what it takes to adopt CBDC project?

[Lens]

The Nigerian government is expected to reverse its stance on cryptocurrency transactions in the country. According to a central bank official, the Nigerian central bank is planning to join the global central bank digital currency (CBDC) project.

The CBDC is believed to use blockchain technology, giving it the characteristics of a cryptocurrency. Nigeria's government prohibited cryptocurrency activity in the country earlier this year. According to the authorities, it is used for money laundering, terrorism sponsorship, purchasing unlawful harms, and insurgency sponsorship.

The financial financial institutions were the forerunners in the fight to have cryptocurrencies declared illegal by the government. Many countries are planned to participate in CBDC development projects. Ghana is one among them. Japan, Vietnam, and other countries are examples.

Do you believe Nigeria's central bank is on the right track?

 

[Kingstone]

That will be a massive scale. I think they are but they should find a way to regulate all transactions, possibly limiting some based on some proposed restrictions. Luno will be back to normal.

 

[Shigobad2020]

If the news is correct , that means nigerians can now trade crypto currency directly into their bank account and i can be using my luno wallet do my direct transaction.

 

[Grandeur]

I don't think the Nigerian government is ready to lift the ban on crypto currency, the sad truth is the government has no idea and still restrict what should help the masses.

 

[kayode10]

I don't believe in any projects that may come from those people. The reason is that they always think of how do any projects given out by the office of the government.

 

[Josemendez]

Nigeria do not have what it takes to adopt the CBDC , they still need to have good and strong internet connection. Educating the citizens is something that needs to be done first

 

[Alexandoy]

From what I understand with the digital currency like the Digital Yuan of China it is the digital version of the cash. It is the simple to understand although I am wondering why so many are posting and connecting the digital currency to crypto coin. The crypto currency is not a currency but a commodity.

 

[Setfragil]

One cannot really say what the government is capable of these days. Financially they can do it, let's just wait and see how things unfolds.

 

[Lens]

From what I understand with the digital currency like the Digital Yuan of China it is the digital version of the cash. It is the simple to understand although I am wondering why so many are posting and connecting the digital currency to crypto coin. The crypto currency is not a currency but a commodity.

Do you know that the central bank digital currency works on the blockchain technology? Are you also aware that China planned to integrate smart contracts in its digital yuan? You need to have a grasp of all these. I am posting with vital information at my disposal.

 

[eLdavis]

Honestly when it comes to Nigeria and the government, I have developed a habit of not believing anything they say until I see the results. Most times the government is just all mouth and no action.

 

[Bousine123]

I think any government that decides to take on such as this. The world is changing and most government are taking some actions to keep up.

 

[Nurudeen]

If the nigerian government participate in this project then it clearly shows that they don't know what they are doing. I thought the CBN governor even called crypto currency a money made out of thin air

 

[Kelly5]

I have not gotten all the pieces from this Nigeria's cryptocurrency adoption talk for a while yet. When I do, I can then evaluate if it is going to be good for us or not

 

[Yusuf]

If the nigerian government can do this then it's really a good development just because of the fact that they have denied a lot of their citizens to make money from the crypto currency exchange Business

 

[Setho]

I have read that blockchain and cryptocurrency actually involve a lot of people and commitment in order to keep it running something I cannot trust the country to achieve.

 

[Lens]

One cannot really say what the government is capable of these days. Financially they can do it, let's just wait and see how things unfolds.

When it comes to finances, you and I know fully that Nigeria is capable but corruption is the major setback. The project is said to be executed by an highly inclined technological based company . This company will oversee the project. Let's wait to see what become of the proposed project.

 

[Setfragil]

When it comes to finances, you and I know fully that Nigeria is capable but corruption is the major setback. The project is said to be executed by an highly inclined technological based company . This company will oversee the project. Let's wait to see what become of the proposed project.

I know that financially Nigeria is capable of sponsoring the project but we all know how major economic projects in the past were abandoned and never executed till today.

 

[Kelly5]

They won't tell you what their real intent about this thing is yet. I just hope it doesn't come and block our cryptocurrencies trading and transactions we've been having seamlessly

 

[mcjerry]

With the way I see this. I don't think that crypto currency and there new digital money is same. The fact that they will use Blockchain technology doesn't mean that they are same

 

[Hena101]

This is the great news to hear because that's means Nigerian can now trade crypto currency market directly to their local banks account.