Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Part...
The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC). E-Naira Draft Guidelines The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita....
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The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April. Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency.In a Monday announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability and implementation experience.” It also considered the fintech firm’s experience in the development of the Eastern Caribbean Central....
Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner. They insist that the choice of Bitt Inc, a Barbados based firm, undermines central bank claims that it is “fighting for the naira in the forex market.” Bitt Inc’s Market Capitalization In fact, as the report by Itedgenews explains, some players in the country’s fintech industry are now lobbying for the CBN to rescind this decision. They cite the small number of people employed by Bitt Inc (three) as well as the fintech....
A new working paper titled "Should Cryptocurrencies Be Included in the Portfolio of International Reserves Held by the Central Bank of Barbados" suggests the Barbadian Central Bank to hold a small portion of Bitcoin as a part of its foreign currency reserves. The paper is authored by two economists - Winston Moore and Jeremy Stephen who previous worked at the Central Bank of Barbados and currently lecture at the University of West Indies. The complete working paper can be read or downloaded here. [PDF]. The paper notes that Barbados maintains a peg against the US dollar, making it....
"We're also excited that when working with central banks, we can do it in a way that is through regulation and compliance," says Bitt CEO Brian Popelka. Barbados, a paradise island in the West Indies, is known for its azure beaches, tidal waves, shipwrecks, homegrown grown Barbadian (Bajan) hospitality, and more recently, an influx of remote workers. Now, one can add cryptocurrency innovations to that list as well. Bitt, a Bajan fintech firm developing blockchain technology, has successfully created the eNaira central bank digital currency, or CBDC, for Nigeria and is on the path to....
The Central Bank of Nigeria (CBN) plans to launch a digital naira pilot program later in October 2021, as part of its central bank digital currency project (CBDC). Central Bank of Nigeria To Launch Digital Naira The Central Bank of Nigeria (CBN) has been in the news for its anti-cryptocurrency actions throughout much of 2021. […]