I was already almost done compiling this post when I saw the hive naija weekly prompt was also on this topic, therefore this will serve as my entry for this week's prompt.
Almost a year after banning the usage of cryptocurrency, Nigeria creates its first digital currency known as the e-naira.
What is the e-naira?
The e-naira (as I stated earlier) is a digital currency with its value pegged to Nigerian naira. It was designed by a fintech company called Bitt. It is a medium of exchange and can be used for any type of trade as long as you both have e-naira wallets which is available on both playstore and and apple store.
All i know about e-naira
The CBN (Central Bank of Nigeria) mints and then issues the e-naira to banks using the DCMS (Digital Currency Management System). The bank receives the e-naira in a specific e-naira wallet called the e-naira treasury wallet. They then share it among their branches. There branches receive it in their e-naira branch wallet and share to the users on their speed wallet. Users can now use it to make payments as they would with, normal naira. To create your e-naira wallet, you have to fill in your personal information such as name, date of birth, state of origin, your NIN, and so on.
According to punch news CBN has already minted 500million e-naira and 33 banks have already accepted the proposal.
My thoughts on the e-naira
Personally for me I don't find the e-naira useful. First, its a stable coin, meaning it's value does not rise or decrease. I also don't see the difference between doing a normal bank transfer and transferring e-naira from one person to another. There has been no mention of staking e-naira, so I can't see any way in which it is useful. Untop of all of that it is centralized, meaning the government have full control over It. Most (if not all) successful digital currencies are decentralized.
Considering the fact that the government banned cryptocurrency less than a year ago, I don't think the general public will receive the e-naira with open arms. I also at the moment can't even imagine myself buying the e-naira as I can't seem to find out its importance.
Im sure some of you will be wondering what will happen to the crypto ban in Nigeria as the country has launched theirs. I think it may be lifted, but if it isn't I wouldn't be surprised. Stranger things have happened.
Thanks for taking your time to read, your support and feedback is greatly appreciated. Have a wonderful day
LOl, the E-Naira will serve a purpose. Personally it feels cool seeing the government adopt this technology.
Yes it will, but in all the articles I've read, I haven't seen them make mention of any special features other than the normal day to day transactions that we already do with our bank.
Wow. after all that talk that they had about how you can't have crypto- and police harassing people into opening their phones and transferring hard-earned crypto from the victims to the police... after all this! Now they come up with their own crypto???
Yeah i know what you mean about stranger things happening.
The corruption of this world knows no bounds. Well - I suppose we MIGHT be happy if they lift the ban on crypto for OTHER coins and tokens too! but - as you said... who knows if that will even happen!
Very interesting post! I hadn't heard of this - so thanks for keeping me in the loop :)
Likee, it's not even been upto a year since they've banned it
The ban didn't stop people from using crypto, it only discouraged a few. But seeing as the government have created their own, a few more people will delve into the crypto.
Thank you, and you're welcome.
yes - I knew so many who just found ways around it. They didn't stop anyone - they just made it more difficult.
And why?? When they HAD to be planning this all along. LOL terrible.
But - we will see what happens, right? :)
Yes, we'll just have to wait and see
Lol. There's no way I'm buying that stuff. Also, they can't disrupt public peace and expect to earn their favor. Bullshit.
You're not the only one who feels this way. A lot of people, I included, don't want to have anything to do with their crypto. Especially because they haven't stated any clear advantage over regular naira
If you want to buy anything to HODL and you don't feel okay with getting real Crypto, I suggest you try buying Maggi and co. But E-naira is a No-no. Lol.
And I'm so not kidding about this. Hehe.
Nigeria is a confused Country. Nigeria my country.
Nice write up 😂
I will also send this to @dreemport while you get familiar to the site
Maggi?? 🤣🤣🤣🤣
Yes oo. Only God will help us
I do not think the e-naira would be useful especially since it is the same rate as the normal naira but let's see how it goes.
They finally realized that crypto is important or are they finding means to steal?
Meanwhile, #dreemport brought me here.
I think so too, but as you said let's see how it goes.
I don't know for them oo. Me I'm sha not putting my money into that. They can't steal from us unless we let them.
Thanks for reading
A confused government making confusing decision that only success in putting her citizens in more confusion 🙄 apparently every other crypto is illegal in Nigeria except for the e-naira??? 🤣🤣🤣 what a joke
🤣🤣🤣
Who knows they might just lift the ban
I don't know for sure if the ban will be lifted either, seeing that this E-naira has no notable difference between our currency. Surely, it has nothing to prove it's crypto except it's built on the blockchain.
The fact that it's not decentralized is a turn off for me too
Let's just see how it goes
Exactly, I see no difference between this and the normal Nigerian naira.
Exactly the government have complete control over it
No difference at all
Which means we are still in the bondage of fiat currency, instead of the freedom crypto offers
e-naira isn't a cryptocurrency but a digital currency. A digital currency isn't necessarily a cryptocurrency.
Talking of the advantage, speedy transaction, less bank charges, government
intervention program inclusion, are some of them.
I will write on this as well.
As for rejection by masses, it should be expected because people don't have faith in the system.
Oh, I thought as much, I wasn't completely sure it wasn't a crypto. Which is why I didn't call it a crypto in my post, but thanks for clearing it up for me.
Although at times there are hiccups, I don't think the normal bank transfer is slow. The bank charges is a step in the right direction though. Please what is government intervention program inclusion?
Ill be looking forward to your post.
I really hope the ban on crypto will be lifted sooner than later...
I beg to defer with your conclusion that you don't think the public will accept this with open arms. I really think they will because they won't have any option than to do so.. You know how the government always wants their way to prevail...
Anyway, time will tell... I actually think this is a good innovation from the government of Nigeria and it will be a success
@dreemport directed me to your post
Me too
You have a point, the government might try forcing it down our throats. Anyway, like you said
You're entitled to your own opinion, but it's clear our opinions on this are different
Sure.. Like I said, time will tell.. We just need to be patient and watch as things unfolds..
Strange things are happening but that seem to be the way of Nigeria, anyway. I won't be surprised if they mandate everyone to own it else you won't travel out of the country. I don't know what use it would be if it won't appreciate in value since it is pegged against Naira.
Our government is funny and in as much as I admire their forward thinking in trying to keep up with the rest of the world, I don't trust their ways of doing things because anything they do, it is for personal gains and not in the interest of the citizens. This looks funny and there is something about it.
Found you here through Dreemport.
I hope not, cause it won't be something to smile about.
Like, I don't see it's importance.
Hmm, very true, everything they do is just for their advantage. Most of them don't care about the citizens. I just hope they aren't planning anything else underneath all of this. Oh well time will tell.
Thanks for reading
Absolutely, time will tell...