Nigeria News

"We're also excited that when working with central banks, we can do it in a way that is through regulation and compliance," said Bitt CEO Brian Popelka.

El Salvador’s Bukele arguably brought some 21st-century innovation and luster to a poor Central American land heavily dependent on remittances.

Personal accounts with large multi-day inflow and outflow are being tracked at the behest of the country’s central bank.

In February, the CBN banned banks from servicing crypto exchanges in the country, citing concerns including volatility, money laundering and the financing of terrorism.

Nigerian government officials have big expectations regarding the eNaira.

The Nigerian central bank digital currency was originally slated for launch earlier this month, but it has been delayed.

eNaira will continue to circulate alongside its fiat counterpart, promising a faster, cheaper and more secure option for monetary transactions.

Nigeria’s central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira.

With much of the Nigerian crypto market underground or peer-to-peer due to government restrictions, the country’s securities regulator is looking into ways to make investors safer.

The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April.

The CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC.

The report indicates that the adoption of crypto assets jumped 880% worldwide, with peer-to-peer platforms driving cryptocurrency usage in emerging economies.

Nigerians are still hungry for crypto despite the central bank’s efforts to quash it.

The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on Oct. 1.

"We believe one day digital money will gain more acceptance than paper money,” said school director Sabi’u Musa Haruna.