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Crypto Adoption: Nigeria’s Central Bank To Start Digital Currency Pilot Program | CryptoGazette

Crypto Adoption: Nigeria’s Central Bank To Start Digital Currency Pilot Program | CryptoGazette


The mainstream adoption of digital assets has been one of the main goals that the crypto industry has. There have been a lot of moves made in this direction and things continue to go great.

Check out the latest news involving something that Nigeria is doing these days.

CoinDesk just reported that the Central Bank of Nigeria is set to launch the pilot of its central bank digital currency (CBDC) on Oct. 1, the Peoples Gazette reported Friday.

The bank’s information technology director, Rakiya Mohammed, revealed the date during a webinar on Thursday.

“Hyperledger fabric blockchain, the open-source and permissioned distributed ledger, has been tapped to run the project named GIANT,” the same online publication writes.

Mohammed also said the bank may conduct a proof-of-concept before the end of 2021.

The same online publication mentioned above notes that CBDCs, or state-issued digital fiat currency, “are often touted as a way to counter privately issued cryptocurrencies that some argue possess the potential to destabilize a nation’s sovereignty.”

CBDC potential rollout

CBDCs have been making headlines for a really long time now. Back in May, we were revealing that the Senate Banking Committee held a hearing on oversight of the Federal Reserve – the topic of a central bank digital currency played a prominent role.

Vice-Chairman for Supervision Randal Quarles testified on behalf of the Fed, according to the latest notes coming from The Block Crypto.

“I’m glad to see the Fed moving forward with issuing a report on central bank digital currencies,” said Senator Chris Van Hollen in one exchange.

He continued and said: “Can you tell me whether or not the Fed would have the existing authority to launch a pilot if it so chose, or do you believe it would need congressional authority?”

Stay tuned for more news and keep your eyes on the crypto markets.



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