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17 September 2021

Nigeria's CBDC 'a Safer Option' Than Privately Issued Cryptocurrencies: Central Bank Official – Emerging Markets Bitcoin News

Nigeria's CBDC 'a Safer Option' Than Privately Issued Cryptocurrencies: Central Bank Official – Emerging Markets Bitcoin News


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As part of the Central Bank of Nigeria (CBN)’s digital currency charm offensive, Folashodun Shonubi, the institution’s deputy governor, has claimed that the country’s upcoming central bank digital currency (CBDC) will be a “safer option from privately issued cryptocurrency.”.

Also, when the CBDC rollout is complete, the e-naira will be distinguishable from privately issued cryptocurrencies that have so far “been used for investment.”.

I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them.”.

The CBN, which expects to start the trial phase of its CBDC project in October, has routinely issued statements that reiterate the central bank’s desire to have a digital currency that competes with privately issued cryptos like bitcoin.

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