Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis
This case-study will focus on Bitcoin’s rise in Nigeria. It was partially inspired by a question from Bloomberg’s Joe Weisenthal about what benefits does Bitcoin bring to people living amid a currency crisis. Economies with Currency Black Markets. There is a currency crisis in the Nigerian economy, and using Bitcoin remittances offers real, measurable financial benefits to its population of 173 million. In the event that President Trump blocks remittances from the US to Mexico (which is a form of capital control on the US economy) then a similar opportunity for the profitable use of....
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Due to the scarcity of US Dollars in Nigeria, factories are no longer to import the parts. Unfortunately for most people, the US Dollar dictates the world economy, and limited access to that type of currency throws a monkey wrench in the business side of things. Many people are actively wondering what it will take for Bitcoin adoption to reach critical mass over the coming years. Over in Nigeria, Bitcoin interest is growing on a daily basis, as the oil bust is dragging this emerging market down. Trillions of USD in untapped crude oil is not all that appealing with the low prices, forcing....
Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said. In his remarks following the bankers’ committee meeting, Rakiya Mohammed, who is the director of information technology at CBN, also revealed that this “digital currency would be accessible to all Nigerians.” Stakeholder Involvement However, according to a report which quotes the IT director, the CBN’s digital currency will be unlike privately issued cryptocurrencies such as bitcoin, which a Nigerian senator has....
The President of Nigeria, Muhammadu Buhari, will formally unveil the much anticipated Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25th, October 2021, at the State House in Abuja. Related Reading | New Convert: Anti-Crypto Central Bank Of Nigeria Set To Launch Digital Naira The Central Bank of Nigeria (CBN) first announced the […]
The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the “e-naira,” is expected to use the Hyperledger Fabric blockchain. CBDC Comes to Life The revelation of the launch date for Nigeria’s central bank digital currency (CBDC) comes just a few months after central bank governor, Godwin Emefiele, said the digital currency will soon “come to life.” It also comes after the CBN suggested in June that Nigeria would have its....
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]