The Central Bank of Nigeria announced that eNaira cryptocurrency will launch on a digital wallet called Speed wallet
Thank you for reading this post, don't forget to subscribe!
This according to the Central Bank will enable the apex banking regulatory body to meet it’s October 1st timeline.
The wallet is not built to compete with existing banks but serve as a means to transact value, pending when banks and other innovators can provide their own wallets.
Nairametrics reported that the CBN sent a presentation to banks about the eNaira project releasing more details and guidelines about the project to banks.
According to the presentation, the apex bank said the e-Naira would be a legal tender for the entire country.
The report said the e-Naira would have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.
Also, participants in the eNaira programme will feature in five stages.
It reads, “Monetary authority suite: The central bank will be handing the first product component that includes issue, distribute, redeem and destroy the currency. Store data on a cloud server, monitor and analyse currency transactions.
“Financial institution suite: licensed financial institution will be able to request currency or issue stablecoins, manage digital currency across branches, KYC, identify and AML compliance capability.