By Mark L - Crypto Broker - 01-09-2021
Countries around the world are digitalising their national currencies to create a Central Bank Digital Currency (CBDC). Not to be confused with investing in cryptocurrency, a digital currency can be seen as similar to that of a stablecoin. If you were to buy Tether (USDT), you would own a crypto-to-fiat coin that's pegged to the price of $1 per coin.
Nigeria is another country joining the cashless payment economy in the latest news for further progress on a digital world. The CBN, the Central Bank of Nigeria, has gone public to announce the collaboration with global fintech firm Bitt Inc. In the announcement, the central bank plans to partner with Bitt Inc to build the nation's CBDC, the eNaira. The CBN explained that the fintech company has technical competency, platform security, implementation expertise, and more, making them the ideal CBDC project partners.
Another thing that the CBN considered before partnering with the firm, was that Bitt Inc helped create DCash, which is the CBDC for the Eastern Caribbean. The Central Bank of Nigeria released the announcement on the same day that they also brought out the preliminary guidelines for its CBDC. The central bank digital currency of Nigeria project was titled "project giant," reportedly, this project will establish the CBDC before the end of 2021.
Aside from the CBDC of Nigeria, the CBN has recently made bans on providing crypto services in commercial banks within the country.