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Nigeria is in talks with a New York-based company to rebuild

by SuperiorInvest

The Central Bank of Nigeria (CBN) continues its attempts to create it central bank digital currency (CBDC)eNaira but this time it calls for backup.

In Bloomberg message On February 21, CBN is in talks with new “technology partners” to develop a new and improved eNaira management system.

According to sources close to the matter, Nigeria’s tax authority has discussed these plans with New York-based technology firm R3.

The new software for eNaria will be developed with the intention that the CBN will retain full control over the initiative, however, an unnamed source said the matter is confidential.

The effort to create eNaira started back in 2021 with the help of Bitt Inc. based in the United States. According to the report, the new partner will not take over the role of Bitt Inc. immediately but rather help with the complete control phase of the Nigerian. Central Bank.

In a statement, Bitt Inc. she said she was aware that CBN was working with various partners on its technological innovations. However, it confirmed that it is still working closely with CBN and is “currently developing additional features and enhancements”.

Related: Nigerian crypto exchange Roqqu gets European virtual currency license

Although it is one of the first countries to launch a CBDC, the Nigerian eNaira was start slowly when it comes to local adoption. According to some newswhich described the ambitious project as “crippled”, only 0.5% of Nigerians have embraced CBDC.

In January, a Nigerian innovator launched a Nigerian innovator the first active Bitcoin Lightning node and shortly before that the country announced iplans to create a legal framework for stablecoins and ICOs.

Nigeria is one of the 87 countries that are involved in the CBDC. Others include Russia and Japanboth of which they have plans to introduce its currencies before summer. City San Francisco is also looking the possibility of developing a CBDC system.

However, it exists active pushback against these centralized digital currencies from activists who saw them as “surveillance” tools.

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