- CBN announces the Launch of Central Bank Digital Currency
- Nigeria is one of the countries still resisting the crypto revolution.
- CBDC referred to as the pilot program “GIANT”.
Central Bank of Nigeria (CBN) on Thursday revealed its launch of highly awaited digital currency. During a private webinar, CBN Director, IT Department, Mrs. Rakiya Mohammad has announced that Central Bank Digital Currency (CBDC) will be launched on October 1.
Moreover, the private webinar explains that the banking sector regulator had been researching the launch of cryptocurrencies since 2017.
Among the few countries, Nigeria is still resisting the crypto revolution. But they become the first to announce their own central bank digital currency. Even more, the bank has already been investing a lot of its resources to keep the projects on track with the launch date of 1st October.
Henceforth, the launch of the CBDC referred to as the pilot program “GIANT”. This has been in the works for a long period since 2017.
Accordingly, the central banks of Nigeria director stated that they could not leave behind while major institutions and banks researching crypto globally. This pilot project of Nigeria also means that they will not left behind in the same. Hence more, the bank believed that the creation of CBDC will help in better tax efficiency, easier monetary policy, better revenue collection gaming others. The CBN initiative came as countries globally have shown interest in adopting the trade of crypto belongings.
More so, other central banks globally continue to carry out CBDC researchers and experiments. CBDC could become like the stables coins we trade today and might help Bitcoin and other good cryptocurrencies reach their true potential.
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