Nigeria is seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The Word Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights. Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services.
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"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.
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El Salvador’s Bukele arguably brought some 21st-century innovation and luster to a poor Central American land heavily dependent on remittances.
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Personal accounts with large multi-day inflow and outflow are being tracked at the behest of the country’s central bank.
Nigerian banks tracking customer accounts for crypto trading
In February, the CBN banned banks from servicing crypto exchanges in the country, citing concerns including volatility, money laundering and the financing of te...
Nigeria’s central bank reportedly freezes crypto traders’ accounts
Nigerian government officials have big expectations regarding the eNaira.
eNaira slowly gains traction post-launch amid glitches
The Nigerian central bank digital currency was originally slated for launch earlier this month, but it has been delayed.
Nigerian president to unveil eNaira central bank digital currency
eNaira will continue to circulate alongside its fiat counterpart, promising a faster, cheaper and more secure option for monetary transactions.
Federal High Court of Nigeria approves eNaira CBDC rollout