CBN Selects Technical Partner for Digital Currency Project

Proshare

Tuesday, August 31, 2021 / 05:30 PM / by CBN / Header Image Credit: bitt

 

The Central Bank of Nigeria (CBN) has announced the formal engagement of the global Fintech company, Bitt Inc., as the Technical Partner for its digital currency, named eNaira, which is due to be unveiled later in the year.

 

This development was disclosed in Abuja by the Governor of the Central Bank, Mr. Godwin Emefiele, who listed the benefits of the Central Bank Digital Currency (CBDC) to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.

 

Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process for the CBN, with the Bank's decision to digitize the Naira in 2017, following extensive research and explorations. Given the significant explosion in the use of digital payments and the rise in the digital economy, the CBN's decision follows an unmistakable global trend in which over 85 percent of Central Banks are now considering adopting digital currencies in their countries.

 

The CBN's selection of Bitt Inc, from among highly competitive bidders, was hinged on the company's technological competence, efficiency, platform security, interoperability, and implementation experience.

 

In choosing Bitt Inc, the CBN will rely on the company's tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.


Related Video

1.       CIBN Hosts Discourse on Blockchain Tech in Nigeria - Feb 28, 2017


Proshare Nigeria Pvt. Ltd. 


Related News - Digital Assets

1.       Legally Speaking, is Digital Money Really Money? - Jan 14, 2021

2.       Ghana Launches World's First Digital Finance Policy Amid COVID-19 - Jan 08, 2021

3.       Banks and Thrifts May Participate in INVN and Use Stablecoins for Payment Activities - Jan 05, 2021

4.       IOSCO Publishes Report on Education of Retail Investors Regarding Risks of Crypto-Assets  - Dec 24, 2020

5.       How Central Banks Can Catalyze Financial Inclusion Through Digital Currency - Oct 16, 2020

6.       Regulation of Cryptocurrency and Digital Assets In Nigeria: New Beginnings - Oct 15, 2020

7.       Stakeholders Call for Clarity in Regulation and Standardization of Nigeria's Digital Asset Market - Sep 28, 2020

8.       Digital Assets Classification Aimed at Investor Protection - SEC - Sep 21, 2020

9.       SEC Nigeria Issues Statement on Digital Assets, Their Classification and Treatment - Sep 14, 2020

10.   China Starts Major Trial of State-Run Digital Currency - Apr 30, 2020

11.   Analysts Discuss Blockchain Technology and Regulation of Digital Assets in Nigeria - Nov 18, 2019

12.   Winds of Change: The Case for New Digital Currency - Nov 15, 2018

13.   Barclays Files Two Digital Currency and Blockchain Patents with U.S. Patent Office - Jul 21, 2018

14.   Saudi Arabia Capital Market Authority Warns Investors Against Digital Currency Investment - Feb 13, 2018

15.   Distributed Ledger Tech Solutions For Settlement Of Payments Using Central Bank Digital Currency - Oct 13, 2017

16.   China Is Developing its Own Digital Currency - Mar 04, 2017

17.   Sweden’s Central Bank Considers Issuing A Digital Currency - Nov 16, 2016

 

Proshare Nigeria Pvt. Ltd. 

 

Related News - BlockChain & Cryptos

1.       CBN Targets October 1 for Digital Currency Launch

2.      6 Drawbacks of Cryptocurrency and How You Can Work Around It

3.      Top High Pay Crypto Jobs in Nigeria - Alternative Ways to Earn with Crypto in the Bear Market

4.      Lagos Blockchain and Crypto-Arts Conference 2021

5.      Digital Wallet Opportunities in Middle East and Africa: A Whitepaper by Omdia, in Partnership

6.      Monetary Authority of Singapore and Banque de France Report Success from CBDC Experimentation

7.      The Launch of the Digital Naira and its Likely Impact

8.     The Changing Face of Finance, A New System Beckons

9.      Top Five Microcap Crypto Projects in 2021

10.  How Does Blockchain Technology Work?

11.   The Cryptocurrency Frenzy: A Call for Caution

12.  Bitcoin Price Crash: Is This the End of the Bitcoin Bubble?

13.  Most Important Things You Should Know About Bitcoin

14.  Central Bank of Portugal Grants First Crypto Exchanges Operating Licenses

15.  Things You Need to Consider Before Using Crypto Signals

16.  CBN to Launch Digital Currency Before December

17.   E-Cedi: Bank of Ghana to Pilot Digital Currency

18.  Digital Currency: A Right Move to be Adopted by the CBN?

19.  Why Bitcoin May Speed Up the Transition to Renewable Energy

20. Potential of Blockchain for Financial Inclusion in Nigeria

 

Proshare Nigeria Pvt. Ltd. 

 

Related News - Monetary Policy

1.      Is the Economy Spiraling? - LBS Executive Breakfast Session - February 2021

1.      Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

2.      Rebasing Nigeria's GDP: New National Accounts, More Services

3.      Diaspora Remittances in Nigeria: Examining the New CBN Policy (2)

4.      Diaspora Remittances in Nigeria: Examining The New CBN Policy (1)

5.      Inflationary Pressure Still Straining Pockets

6.      CBN Deals the House Card as Policy Rates Remain Unchanged

7.      CBN Communique No. 134 of the MPC Meeting - Jan 25-26, 2021

8.      MPC Holds All Policy Parameters at the End of Its First Meeting in 2021

9.      Monetary and Interest Rate Policy in 2021: Going for Growth

10.  CBN to Sustain Expansionary Monetary Policy Till Q1, 2021 - Cordros Securities

11.  Ten MPC Members, One Shared Outlook

12.  Personal Statements By The MPC Members At The 133 MPC Meeting of Nov 23-24, 2020

13.  CBN Rolls the Dice to Tackle Market Liquidity and Dollar Dearth

14.  Implications of CBN's Introduction of Its Special Bills to the Market

15.  CBN Introduces Special Bills to Deepen the Financial Markets, An Additional Liquidity Mgmt Tool

 

Proshare Nigeria Pvt. Ltd. 

 

Related News - New Rules & Regulations in Nigeria Capital Market

1.       Crowdfunding Rules and Regulations in Nigeria Released by SEC

1.       Collective Investment Schemes General Rules and Regulations in Nigeria Released by SEC

2.      Nominee Companies Rules and Regulations in Nigeria Released by SEC

3.      Fund Management Products Rules and Regulations in Nigeria Released by SEC

4.      Payment of Administrative Charges Rules and Regulations in Nigeria Released by SEC

5.      Annual Supervision Fees for CIS Rules and Regulations in Nigeria Released by SEC

6.      Sundry Amendment to Valuation Report Rules and Regulations in Nigeria Released by SEC

7.      Sundry Amendment to Amount to be Underwritten Rules and Regulations in Nigeria Released by SEC

8.     Investment by CIS in Unlisted Securities Rules and Regulations in Nigeria Released by SEC

9.      Sundry Amendment to Contents of a Trust Deed Rules and Regulations in Nigeria Released by SEC

10.  Steps on Unclaimed Dividend Retrieval Process as Highlighted by SEC Nigeria

11.   SEC Requests CMOs to Disclose Security Dealings of 500,000 Units Within 24hrs of Activity

12.  Revision of Stamp Duty on NSE Transactions to 0.08% from 0.075% Effective 7th December 2020

13.  SEC Proposes Amendment to Its Rule on Renewal of Registration by CMOs

14.  SEC Issues Pre-Notice on Withdrawal of Certificates of Registration of 157 Inactive CMOs

15.  SEC to Discontinue the Practice of Issuing Prior Approval for Audited Accounts of CIS

16.  IOSCO Publishes Report on Education of Retail Investors Regarding Risks of Crypto-Assets  


Proshare Nigeria Pvt. Ltd. 

READ MORE:
Related News
SCROLL TO TOP