Yesterday it was just reported that the French and Swiss central banks are working together to test the CBDC central bank’s cryptocurrency cross -border.
The latest Central Bank of Nigeria (CBN) has announced that it is making preparations to test the central bank's cryptocurrency (CBDC) or better known as Digital before the end of 2021.
Rukayat Mohammed, Director of Information Technology (IT) for CBN made this disclosure in one of the online briefings to the banking committee. More interestingly, Mohammed noted that they have been exploring blockchain technology for four years.
Mohammed said, ‘soon the bank will make an announcement on the launch date and by the end of this year it is expected that the CBDC crypto will be issued. However, trials will be done for the target population. '
At the same time major economies and their central banks have begun to explore CBDC cryptocurrencies. The European Central Bank (ECB) is targeting to launch the Digital Euro in 2023 while the Federal Reserve will launch a digital dollar paperwork in the next few months.
On top of all that, China has been a leader and plans to issue the Digital Yuan ahead of the 2022 Beijing Olympics.
Based on past data, the adoption of crypto at the public level in Nigeria has increased significantly over the past year. Economic uncertainty has even added to the interest in cryptocurrencies.
Apart from that, Ryakat Mohammad also gave a 'hint' on the stance of the Nigerian central bank on crypto. According to him that cryptocurrencies like Bitcoin are not under the control of the central bank, it is a purely personal decision.
