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Nigerian Central Bank in Talks with Bitt Inc to launch ‘eNaira’ Digital Currency

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Sep 1, 2021

Nigerian Central Bank hints at the launch of the country’s native digital currency “eNaira.” Government authorities will work with a local Barbados-based company Bitt Inc for the development of the digital currency. Bitt Inc will handle the technical matters regarding the launch of the country’s cryptocurrency.

The country’s Central Bank announced the plans to initiate its digital currency by the end of this year after the government allowed banks and financial institutions to deal in the cryptocurrencies and accepting the digital transactions.

The Central Banks Governor said that eNaira would work as the digital asset. Those who will own the wallet would be able to hold their existing fund in the banks. Godwin Emefiele also said the launch of eNaira would faster the remittance and payment procedure and would be helpful for the consumers. It’s a sort of digital banking at turbo pace he said.

Bitt Inc earlier this year helped the Eastern Caribbean Currency Union to build “DCash.” The union central bank’s first-ever digital cash. The officials say that government-owned digital currencies are more secured and risk-free as compared to private digital currencies. Unlike private digital currencies, state-owned digital currencies are owned by the central bank. It does not include the interference of a middleman. The transactions are more protected and cheaper as well.

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In recent months, digital banks all across the globe are rapidly working on the development of their digital currencies. The step is to modernize the typical financial system to cope with the rapid popularity of crypto. Nowadays, a vast majority of individuals started to believe cryptocurrency is an alternative to real-world financial services.  However, the development of the central bank-owned cryptocurrencies process is just in the planning phase there is no practical work done.

However, the People’s Bank of China is leading the way. Followed the U.S Federal Bank.  China has adopted the crack-down option against private crypto miners to kill the competition. But, the U.S. financial authorities do believe that they first need to choose the direction, which way they want to head in the future.

However, some of the South American countries and Caribbean countries have taken revolutionary steps to adopt cryptocurrencies. The Bahamas has become the first country ever to launch the central bank-owned digital currency. The future of the cryptocurrency market seems bright and full of options. The recent popularity of digital assets has pushed the central banks and regulatory authorities as well. In recent times some of the world’s biggest business organizations and some of the biggest central banks have jumped into the digital business. The thinking to launch central bank-owned digital currency would revolutionize Nigeria’s economy.

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