CBDC is still unattractive for users despite the assertion of an excellent acceptance rate - emerging countries
CBDC is still unattractive for users despite the assertion of an excellent acceptance rate - emerging countries
Nigerian blockchain and cryptocurrency experts have suggested that many potential users will only consider the introduction of e-naira when the central bank has done enough to make the CBDC (digital central bank currency) an attractive option.
e-naira is still unattractive for users
Some Nigerian experts have said doubts about the Central Bank of Nigeria (CBN) that many residents of the country with more than 200 million inhabitants in the recently introduced digital central bank currency (CBDC), E-Naira. are interested or that.
The experts argue that the e-naira, which was initially only available Nigerians with bank accounts, lack functions that can be found privately issued. In addition, there is not enough information about the number of e-nairas in circulation. From the point of view of these experts, it is the lack of these attributes that make a widespread introduction of the CBDC an almost impossible goal.
Since the introduction of the E-Naira at the end of October, the CBN routine updates have published it, which indicate that Nigerian welcomes a digital currency that the government claims to be add billion dollars for economy.
In addition, CBN officials like Ch’edozie Okonjo used public events to promote a digital currency that is the first of its kind in Africa. In his speech on an event that was recently organized by the Chartered Institute of Bankers of Nigeria, Okonjo allegedly announced that the CBN over 34,000 transactions worth 450,000 US-Dollar (188 Millions of Naira) had recorded on the e-naira platform.
Despite the enthusiastic support of the e-naira by central bank officials, some blockchain and cryptocurrency experts interviewed by Bitcoin.com News from Bitcoin.com news about the claim that the CBDC is widespread. The experts also point out that the digital currency is only accessible to bank accounts.
CBN has to explain why Nigerians need the CBDC
others, such as the crypto expert and publisher Aniekan Fyneface, said the authorities would have to explain to the Nigerians why they need an e-naira account if normal bank accounts can already achieve what the CBN promises. Fyneface raises a number of questions that the authorities have to take into account before encouraging Nigerians to accept the CBDC. He asked:
Is the e-naira a digital payment currency? If it is used for payment, what are the incentives or advantages? The government has to make it attractive, e.g. B. to offer discounts for those who pay with Enaira because I already have several Nigerian bank accounts and add an e-naira. What do I get from it?
fyneface added that many Nigerians will not change from privately issued cryptocurrencies to e-naira if some of these concerns are not seriously taken into account, as the CBN hopes.
A similar opinion on the prospects of E-Naira shares Nathaniel Luz, a nigeria-based expert in crypto products. In his written answers to the questions sent by Bitcoin.com News, Luz says that he agreed to the claim that the current procedure of the CBN against companies that enable the P2P transactions (peer-to-peer) should force Nigerians to switch to E-Naira.
Despite the CBN compartment that has been forced to think about cryptofire such as Kurepay move outside of Nigeria Luz insisted that "at the end of the day the users have to make their decision". He added that many Nigerians, if they have the choice, "will choose a censorship -free exchange".
The comments from the Nigerian experts cited by Bitcoin.com News and those who do not want to be identified suggest that the CBN has a lot to do before it can really expect the e-naira to go to goals such as reducing the number of adults who are financially excluded or reduce transaction costs.
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