Central Bank of Nigeria (CBN) has hinted that it will launch its own digital currency before December 2021.
Gatekeepers News reports that the Central Bank of Nigeria (CBN) has indicated that it will launch its own digital currency before the end of 2021.
Cryptocurrencies such as Bitcoin and Ethereum are digital currencies that are available only in electronic form.
In February, the CBN issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.
It warned that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.
CBN Director of Information Technology, Rakiya Mohammed while answering questions from journalists at the end of the virtual bankers’ committee meeting said the apex bank has been exploring the technology for over two years and has made tremendous progress.
Mohammed said the apex bank plans to come up with a digital currency to make remittances and travel easier from abroad to Nigeria.
“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.”
She said the digital currency would accelerate the ability to meet the target, regardless of one’s country of residence.
Mohammed said the CBN considered the architecture, accessibility issue and privacy of the currency before embarking on the venture.
