Despite a failure to launch the eNaira on this year’s independence day as previously scheduled, Nigeria’s apex bank has reaffirmed its aim of still establishing its national digital currency. Nigeria’s apex bank wants its eNaira to serve as a payment option and a store of value that will eventually replace fiat currency.
Nothing Wrong With Delaying The Launch – CBN
The apex bank didn’t see the failure to launch as scheduled as an issue. Instead, it reiterated that it is better to launch right to avoid untimely death or issues for the national digital currency. According to the CBN, “it is important not to rush this launch until it has all the right approvals.”
As widely reported, the country’s apex court approved the launch of the naira as a legal tender earlier this month. The apex had earlier published a summary of what the eNaira would contain, including the design principles for the national digital currency.
Anyone can access the design principles document, and it is even available in the country’s three major local dialects – Hausa, Yoruba, and Igbo. The CBN further revealed that it would rather spend more time on the design and plan of the eNaira than focus on launching the digital currency within a too-short notice.
It further revealed that there would be media campaigns to sensitize the citizens on uses and risks associated with the eNaira, including possible solutions to those risks. The apex bank opined that this official release about the eNaira should be sufficient proof that it is ready to prepare and launch the eNaira.
The Rise Of CBDCs
Asides from Nigeria, Ghana and South Africa are other African countries that have made giant strides in launching their national digital currencies. Their CBDC launch is at the final stages, with trials almost completed. The exponential rise of the digital currency market has led to an increase in central banks launching their CBDCs.
Also, aside from the well-known digital currencies, private stablecoins, especially USDT, have seen considerable growth in popularity and increased pressure on central banks to develop their fiat-supported digital currencies. China is the only top economy that has successfully launched its e-Yuan, having phased out other private digital currencies from the country entirely. Any merchant within the leading cities accepts the digital Yuan.
ECB Seeks Tech Experts’ Opinion On Euro Digital Currency
The European central bank (ECB) is discussing with notable crypto tech firms to resolve tech issues regarding the launch of its digital euro. One of such issues is security. The ECB wants secure offline solutions for successive payments without necessarily being linked with any external system. Also, the ECB seeks solutions to tracing financial transactions and at the same time preserving the privacy of such transactions.
In addition, the ECB wants a solution for the funding and defunding of any wallet or account. The bank won’t mind whether the solution is automated or manual. Lastly, the ECB wants a solution to the automated limiting of wallets with huge sums of money. The ECB wants to know which accounts (based on household behaviors) should be limited automatically.
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