The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC).
E-Naira Draft Guidelines
The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “tested and proven digital currency experience.”
These claims by Nwanisobi appear to be supported by a statement on Bitt’s website that suggests the fintech firm had signed a contract to conduct a CBDC pilot for the Eastern Caribbean Central Bank (ECCB). The contract was signed in 2019 and in April of 2021, ECCB finally launched its digital currency.
E-Naira and the Financial Inclusion Cause
As previously reported by Bitcoin.com News, the CBN has set October 1, 2021, as the launch date for its CBDC. The central bank insists this digital currency will deepen financial inclusion, and enable cheaper, faster remittance inflows. The apex bank says it expects the e-naira to enhance cross-border trade as well as the effectiveness of its monetary policies.
The launch of the e-naira by the CBN — if successful — will mark the final culmination of a plan that was set in motion nearly four years ago. The launch will also be seen as an important victory for both the CBN and its anti-bitcoin governor, Godwin Emefiele.
Still, with just a few weeks left before the launch, CBN must cross its fingers that it has done adequate preparation to ensure the e-naira is a success.
What are your thoughts on the CBN’s choice of a technical partner? Tell us what you think in the comments section below.
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The Central Financial institution of Nigeria (CBN) has named the fintech agency Bitt Inc. as a technical accomplice for its digital foreign money undertaking, the e-naira. As a technical accomplice, Bitt is anticipated to make use of its “technological competence and implementation expertise” to assist the CBN efficiently launch the central financial institution digital foreign money (CBDC).
E-Naira Draft Tips
The CBN’s unveiling of the Barbados-based agency as its accomplice comes shortly after stories instructed that the central financial institution had launched draft pointers for the e-naira. In justifying the number of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “examined and confirmed digital foreign money expertise.”
These claims by Nwanisobi look like supported by an announcement on Bitt’s web site that means the fintech agency had signed a contract to conduct a CBDC pilot for the Jap Caribbean Central Financial institution (ECCB). The contract was signed in 2019 and in April of 2021, ECCB lastly launched its digital foreign money.
E-Naira and the Monetary Inclusion Trigger
As beforehand reported by Bitcoin.com Information, the CBN has set October 1, 2021, because the launch date for its CBDC. The central financial institution insists this digital foreign money will deepen monetary inclusion, and allow cheaper, quicker remittance inflows. The apex financial institution says it expects the e-naira to reinforce cross-border commerce in addition to the effectiveness of its financial insurance policies.
The launch of the e-naira by the CBN — if profitable — will mark the ultimate end result of a plan that was set in movement almost 4 years in the past. The launch will even be seen as an essential victory for each the CBN and its anti-bitcoin governor, Godwin Emefiele.
Nonetheless, with just some weeks left earlier than the launch, CBN should cross its fingers that it has performed sufficient preparation to make sure the e-naira is a hit.
What are your ideas on the CBN’s selection of a technical accomplice? Inform us what you assume within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
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