E-Naira failing (Nigeria's CBDC) and Bitcoin surging

in LeoFinance23 days ago

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https://en.wikipedia.org/wiki/ENaira


So Nigeria was one of the first to be able to try out CBDCs.

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https://enaira.gov.ng/

https://www.cbn.gov.ng/currency/enaira.asp


And it failed miserably.


Here are nearly 3 year old articles: basically the foreplay

Thriving Under Pressure: Why Crypto Is Booming in Nigeria Despite the Banking Ban

Crypto communities world-wide have found ways around government bans, and Nigeria is no exception.

https://www.coindesk.com/markets/2021/07/06/thriving-under-pressure-why-crypto-is-booming-in-nigeria-despite-the-banking-ban/

Out of control and rising: why bitcoin has Nigeria’s government in a panic

As leaders around the world grapple with cryptocurrencies, what happened when the African country tried to ban them?

https://www.theguardian.com/technology/2021/jul/31/out-of-control-and-rising-why-bitcoin-has-nigerias-government-in-a-panic

And now the more interesting:

only 1 year old:

The Nigerian Election And Naira Crisis Are Fueling Bitcoin Adoption

https://www.forbes.com/sites/abubakarnurkhalil/2023/03/01/nigerian-election-and-naira-crisis-is-fueling-bitcoin-adoption/

and this article is very recent:

Nigeria’s government is blaming Binance for its own mismanagement

Nigeria's currency is collapsing because of financial mismanagement. Now, two Binance employees have been entangled in the government's search for scapegoats.

Very spicy :D

Authorities then accused Binance of moving $26 billion out of the country illegally, and invited Binance to send employees to discuss the issue. Binance thus sent two staffers — Tigran Gambaryan and Nadeem Anjarwalla. Nigerian authorities responded by placing them under house arrest. Anjarwalla has escaped, but Gambaryan — an American citizen and former IRS agent — is still in the country. Both men now face charges that include tax evasion, money laundering and providing financial services without a license.

Oh boy

https://cointelegraph.com/news/nigerian-government-blames-binance-for-its-own-mismanagement

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The real culprit is definitely the government officials that mismanaged the country's finances and not Binance. The E-Naira is a good case study to explore about CBDCs.