I saw this news and I think it would be implemented by September or October , though I hope this means the ban on crypto currency would get eradicated . I just hope that at the end the government are able to make good decisions.
China is known for its draconian law which can brutely forces its law on the people without alternative ways. However, In Nigeria, the ban is not as powerful as it portraits. People are still allowed to use P2P trade to carry out, any crypto trade they wants to do. And crypto being a political oppositional weaponised thing, I don't think it has gotten to that level here,.
This is halfway like China, the Chinese govt banned all private and decentralized grupos to force it's own centralized crypto accepted., However, China succeed only because there was nither opposition, nor any fear of losing votes., While in Nigeria, govt also have to deal with opposition and any possible loss of votes from its support.
It's not exactly cryptocurrencies but centralized digital currencies, i think that's different from the decentralized ones. And the Nigerian government knows what they are doing, they are trying to be tricky by diverting crypto enthusiasts attention in the country from contemporary decentralized digital currencies to their own digital currency.
You are very right bro... Nigerian government is very dubious and can be funny at times. I believe the implementation of this there new central digital currency is just to favour the rich people in the country, after the launching you will see that nothing is going to benefit an ordinary man with their digital currency but I believe this may have the way for the acceptance of Bitcoin in the country.
If the government truly wanted to adopt the CBDC as it done by china. Then, it's going to employ the blockchain technology for it design. You and I know how corny Nigeria government could be. The digital currency as always been used on the banks mobile apps and if their plan is to continue by just re-branding , then it's not different from what we used to know.
There are speculations that the central bank of Nigeria will not use the blockchain technology for the design of its digital currency. If that's the case, then it's more or less like what we always see on the banking mobile applications. The china central bank adopted the current technology in the cryptocurrency space to create its digital currency and I believe other countries will follow suit.
I hope this will come to the limelight because i had been hearing about this for some weeks now. Nigeria government can not just do something without seeing any benefit there. The banning of using Paypal in our country should be first released and let people transact freely first.
