Cryptocurrency

Nigeria Teams Up With Bitt Inc. To Roll Out Its Own Crypto

Nigeria (one among the countries having the top crypto adoption rates across the globe) is stepping forward with its framework of launching a crypto pilot program named Project Giant. Bitt Inc. (a fintech startup based in Barbados) has been selected by the country’s central bank as the technical associate for the program. The project is planned to be released on 1st October, as announced by CBN.

Nairametrics reported that a document had been sent by CBN to the banks of Nigeria recently that disclosed the particulars about its framework for the Central-Bank-Digital-Currency (CBDC) called eNaira. The document describes that eNaira would have the status of a legalized currency in the country, and no charges would be claimed on it under the customer limits as well as the value-based transactions. CBN has taken responsibility for the initial phase of the entire release, including the currency’s issuance, its distribution, further redemption as well as destruction.

The data will be saved through an exclusive cloud server along with being observed and examined on behalf of the central bank. During the next phase, the financial institutions having the licenses will be given a chance to request otherwise issue stable coins. During the third stage, the authorities of the country will process the digital payments transacted to as well as from the businesses and individuals. The next two phases of the project will include merchants expected to deliver cost-effective business and payment management software along with the provision of their further improvement regarding architecture and the user interface.

Another report has suggested that Speed Wallet has been selected by the CBN as the authorized wallet to be utilized for eNaira. The banks will be provided with no competition on behalf of the wallet. Rather the wallet will just be used till the banks prepare for their unique wallets. Nairametrics reported that the consumers would not be charged for making transactions through eNaira. The main purpose behind this action is to promote the currency as an alternative to cash in the country.

In the meantime, the other countries of Africa are expediting their progress in the development of CBDC. Recently this month, a pilot program was announced by the central bank of Ghana for the country’s central currency named e-Cedi. Countries like South Africa, Kenya, Egypt, and Morocco are in pursuit of launching their CBDCs.

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