Nigeria’s CBDC set for pilot launch on Independence Day

Nigeria’s CBDC set for pilot launch on Independence Day

The Central Bank of Nigeria (CBN) is finally set to roll out its digital currency project after four years of development. The launch will likely happen on October 1, the country’s 61st Independence Day celebration.

The e-Naira project comes at a time when many anti-crypto policies from the CBN have rocked the Nigerian space.

A draft copy of the eNaira project revealed that users would have to pass through strict identity verification before being able to use the digital currency. As reported by BTC PEERS, the CBN plans to introduce a tiered ID verification system, with different transaction limits for each level.

The Central Bank of Nigeria has engaged global fintech company Bitt Inc. as the technical partner for its digital currency. Bitt was among 15 companies evaluated by the central bank for the tech partner role.

Different governments around the globe have responded to cryptocurrencies and privately issued stablecoins by initiating CBDCs. China, for instance, intensified its crypto crackdown activities as soon as its digital currency project moved into public testing.

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