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Nigeria prepares eNaira cryptocurrency launch


TL;DR Breakdown

• eNaira has its website and mobile wallet available.
• Nigeria has changed its stance towards cryptocurrencies.

Nigeria seems 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 eNaira token issued by the central bank.

The country in West Africa, which has led one of the most powerful economies in the region, feels prepared to advance in the virtual market with its new token. In this way, Buhari and the CBN demonstrate that the crypto ban imposed in the country will remain in the past.

eNaira: the new cryptocurrency issued by the Bank of Nigeria

Nigeria

The CBN reported that eNaira is the result of its new cryptocurrency-based legal project. The central entity seeks to normalize crypto trading under its conditions, and eNaira is part of those objectives to be met.

The CBN said that eNaira is undergoing adjustments to provide it to all citizens, both in metropolitan and rural areas with no banks. However, the central authority said that its official website is already operational and has a mobile Wallet so fans can 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 do not have a national body that controls them. eNaira would be next to the YuanCoin that the central bank of China would issue.

This crypto movement in Nigeria also prompted 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 drops crypto regulations

Since Bitcoin marked a milestone in the digital market, several countries have raised alarms to prevent this adoptions wave 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 prohibited banks from using cryptocurrencies, and if they broke the law, they would be sanctioned. 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 over 17 percent following these harsh regulations from the Nigerian bank. Proving that the country’s citizens had adapted to the new financial model and did not intend to leave it. The CBN announced since the third quarter of the year it was working on a backed virtual currency.

The bank forgets the regulations against cryptocurrencies and goes towards their immediate acceptance, and the CBDC seems their first step. On the other hand, the Nigerian Bank has also made Bitcoin or other tokens more flexible.



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