As the price action of the major cryptocurrencies by market capitalization stabilizes at the $30,000 level, there is encouraging news of digital currency adoption mainly in countries with fiat currency shortages such as Nigeria.
In the specific case of Nigeria, the authorities in designing economic and financial strategies continue to push their central bank digital currency project, this in direct correlation with the Nigerian central bank who recently added NFC technology to the eNaira for contactless payments.
In this regard and according to an article published in Cointelegraph by Amaka Nwaokocha, it has been reported that the current deputy head of the CBN's risk management department, Joseph Angaye, "has reportedly revealed that the banking regulator is committed to using innovative technology to improve the user experience."
It was also learnt "that the CBDC will be equipped with programmable features. He explained that these programmability features could limit CBDC payments exclusively to designated government programs, reducing the risk of fraud."
Likewise, the deputy director of the CBN's risk management department "highlighted the many advantages of CBDCs for the country's retail users, such as mitigating settlement risks and enabling fast transaction processing. He stressed that eNaira aims to address the issue of financial inclusion."
In an ideal scenario if other countries join the initiatives taking place in Nigeria, the longed-for mass adoption of digital currencies will be a near fact, which will completely change the schemes of the conventional system.
SOURCES CONSULTED
Ambito. Nigerian central bank adds NFC upgrade to eNaira for contactless payments. Link
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The cover image was designed by the author: @lupafilotaxia, incorporating image: Cointelegraph
