Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
Nigeria has drastically reduced the amount of cash individuals and businesses can withdraw as it attempts to push its “cash-less Nigeria” policy and increase the use of the eNaira — Nigeria’s Central Bank Digital Currency (CBDC). The Central Bank of Nigeria issued the directive to financial businesses in a Dec. 6 circular, noting that individuals […]
Nigerians’ passion for crypto is stopping short at the eNaira
Nigeria’s central bank digital currency (CBDC) is not getting the warm reception expected from its crypto-savvy population. According to a Bloomberg report, less than 0.5% of Nigeria’s 217 million population are using the government-issued digital currency — the eNaira — a year after its launch. This comes despite Nigeria being identified by Chainalysis as the […]
Think tank launches ‘technical sandbox’ exploring United States CBDCs
A U.S. think tank has launched a “technical sandbox” aimed at advancing the exploration of a potential United States central bank digital currency (CBDC). In an Aug. 31 Tweet from Digital Dollar Project (DDP), the organization said the new program would explore “technical and business implementation” questions revolving around a U.S. CBDC. The organization noted […]
Nigeria upgrades CBDC as crypto restrictions cripple fintech industry
The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country’s fintech sector. The CBN Branch Controller Bariboloka Koyor spoke at a campaign aiming […]
From eNaira to eHryvnia, a Caribbean fintech develops CBDC around the world
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 […]