• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Tuesday, March 21, 2023
  • Login
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
No Result
View All Result
Home Altcoin

Central Bank Of Nigeria Plans On Launching CBDC This Year

June 22, 2021
in Altcoin
Reading Time: 3 mins read
0
central bank of nigeria, cbdc, crypto,
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


The Central bank of Nigeria plans on launching a CBDC this year after the recent crypto U-turn according to the latest reports that we have in our latest cryptocurrency latest news today.

According to Reuters, the Central Bank of Nigeria plans on launching a digital currency pilot at the end of this year. Last month, the CBN Governor Godwin Emefiele made a sharp U-turn on BTC and other cryptos by saying that he will allow the but the CBN in the past demanded a restriction in the crypto sector by imposing regulatory sanctions on monetary businesses that services crypto exchanges.

In a turn of events, it looks as though the Nigerian officials are embracing blockchain technology and in what seems like a showdown between the private and public crypto assets in the future, arguments against the central bank offerings remain pertinent. Despite the aversion towards fintech in the country, Nigeria noted that the central bank was working on a digital currency for the past two years.

The CBN Director of Information Technology Rakiya Mohammed echoed along with other countries and this meant that Nigeria won’t be left behind in the tech revolution:

“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

One of the reasons given for the CBN previous anti-BTC stance was a need to protect the citizens. In 2018, the CBN said there is no legal redress if things turn out for the worse in the unregulated market. There are also the usual suspicions on illicit activity or terrorist financing and money laundering. Mohammed sells the idea of the central bank digital currency on bringing financial inclusion and having support from the Nigerian government:

“If you have a central bank digital currency that is backed by the government, then people can make transactions online without fear of any default.”

CBDC Aren’t Stable, bitcoin, btc,

As mentioned previously, billionaire investor Ray Dalio said that the governments will do all they can to maintain monopoly control of their money even it if means to outlaw the competition:

“every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control.”

Anthony Pompliano commented on the idea as well and said governments cannot ban BTC but he conceded that a scenario of coordinated global action will make life difficult for BTC users. As crypto continues to make its mark in the world of finance, regulators and policymakers will likely be forced to show their teeth on the matter.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]





Source link

Related articles

Crypto bleeding has most altcoins in buying zone: Santiment

Crypto bleeding has most altcoins in buying zone: Santiment

March 9, 2023
Syntropy: Analyst shares NOIA price outlook after 168% gain

Syntropy: Analyst shares NOIA price outlook after 168% gain

January 31, 2023
Share2Tweet1ShareSend

Related Posts

Crypto bleeding has most altcoins in buying zone: Santiment

Crypto bleeding has most altcoins in buying zone: Santiment

March 9, 2023
0

The MVRV metric suggests most altcoins are underbought and present a buying opportunity. A new leg down could however...

Syntropy: Analyst shares NOIA price outlook after 168% gain

Syntropy: Analyst shares NOIA price outlook after 168% gain

January 31, 2023
0

NOIA is the native token of Syntropy, a distributed routing protocol for the Internet. The token’s price surged 168%...

The market saw over 340,000 NFT buyers as crypto rallied

The market saw over 340,000 NFT buyers as crypto rallied

January 24, 2023
0

NFT buyers last week rose to 348,426, about 41% up on the previuos week. NFT sales volume also rose,...

Solana price has spiked 137% YTD as cryptocurrencies soar

Solana price has spiked 137% YTD as cryptocurrencies soar

January 16, 2023
0

Solana is currently changing hands at $23.26, about 137% up year-to-date. The coin’s price plummeted after FTX fell in...

BONK price action spells trouble after becoming an overnight crypto sensation.

BONK price action spells trouble after becoming an overnight crypto sensation.

January 10, 2023
0

Bonk token launched on December 25, 2022 The cryptocurrency rose by four-digit percentages after the launch BONK price has...

Load More
  • Trending
  • Comments
  • Latest
Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

December 17, 2022
Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

September 23, 2022
Crypto inflows

Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market

June 14, 2022
Twitter Begins Massive Layoffs — Elon Musk Says 'No Choice' Citing $4M Loss per Day

Twitter Begins Mass Layoffs — Elon Musk Says ‘No Choice’ Citing $4M Loss per Day – Featured Bitcoin News

November 6, 2022
crypto stocks Bitcoin price

Amid Bitcoin Price Rally, BTC Funds See Major Outflows, This Cohort Is Booking Profits

0
Floyd Mayweather – Boxing Champion Promoted an ICO

Floyd Mayweather – Boxing Champion Promoted an ICO

0
Cannabis Industry Going Crypto | CryptoPost

Cannabis Industry Going Crypto | CryptoPost

0

Why South Korea Decided To Ban ICOs?

0
crypto stocks Bitcoin price

Amid Bitcoin Price Rally, BTC Funds See Major Outflows, This Cohort Is Booking Profits

March 21, 2023
afip argentine tax authority

Argentine Tax Authority AFIP Detects Irregularities in 184 Digital Wallet Tax Statements – Taxes Bitcoin News

March 21, 2023
fed crypto bitcoin

Tuesday’s Fed Meeting to Decide the Next Movement in Bitcoin (BTC) Price

March 21, 2023
Economist David Rosenberg Warns of Impending 'Crash Landing' and Recession, Citing Fed Data

Economist David Rosenberg Warns of ‘Crash Landing’ and Recession, Citing Fed Data – Economics Bitcoin News

March 21, 2023

Recommended

Uniswap Suffers Phishing, attack, uni, eth, nft

Uniswap Falls Below $9 After Sell-Off: What’s Next For The Altcoin?

August 10, 2022
Crypto Swap Platform LetsExchange Grew 100x in Less Than a Year – Press release Bitcoin News

Crypto Swap Platform LetsExchange Grew 100x in Less Than a Year – Press release Bitcoin News

January 28, 2022
LBank Exchange Will List PLC Ultima (PLCU) on April 2, 2022 | NewsBTC

LBank Exchange Will List PLC Ultima (PLCU) on April 2, 2022 | NewsBTC

March 29, 2022
Video game developer Ubisoft leads Animoca's latest funding round

Video game developer Ubisoft leads Animoca’s latest funding round

October 21, 2021

Recent News

crypto stocks Bitcoin price

Amid Bitcoin Price Rally, BTC Funds See Major Outflows, This Cohort Is Booking Profits

March 21, 2023
afip argentine tax authority

Argentine Tax Authority AFIP Detects Irregularities in 184 Digital Wallet Tax Statements – Taxes Bitcoin News

March 21, 2023

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • ICO News
  • Litecoin
  • Market Analysis
  • Press Release
  • Regulation
  • Ripple
  • Stablecoin
  • Trading
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

CryptoReception © 2021 All rights reserved

No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading

CryptoReception © 2021 All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.