The Central Bank of Nigeria will pilot their own Central Bank Digital Currency by 1 October. CBDC will run on the Hyperledger Fabric blockchain network.
Adoption of blockchain technology in development of Central bank Digital Currency seems very common for developed & developing countries. Because every week we can see latest news on the CBDC projects by different countries. Yesterday a report On CBDC by India. Now today a report is coming for Nigeria, ready to launch.
The Central Bank of Nigeria doesn’t support crypto and they published notice guidelines for their possible future decision on Cryptocurrency. But still under the existing rules & freedom, people of Nigeria can invest their money in crypto & blockchain based schemes without any restriction.
The Monetary Authority of Nigeria has been working on “GIANT” since 2017. GIANT is a CBDC project which runs on the open-source blockchain Hyperledger Fabric network.
According to reports, the Central Bank of Nigeria will launch their CBDC on 1 October. This is planning to launch on 1 October but further delay may be possible.
The Central Bank of Nigeria pointed out few advantageous factors only. Their main intention is to remain with the trend step by step. According to Nigeria’s monetary authority, all the countries are developing their CBDC so they don’t want to leave their steps in the traditional banking system.
They said that adoption of CBDC will bring perfection in Tax evasion, macro and growth management, cross-border trade facilities, financial inclusion etc. better monetary policy transmission. Further lots of advantages will come after the launch of CBDC.