Collectively, Central Banks worldwide have commenced measures to enable the use of Digital Currency in their respective regions.
According to Global Data cited by the Central Bank of Nigeria, CBN, in the move to support its notion of launching a Digital Currency, 80% of apex banks around the globe have subscribed to the idea.
It would be recalled that the apex bank in Nigeria had been facing immense pressure from online trading investors following its decision to ban Cryptocurrency.
Although, a revelation made by Rakiya Mohammed, the Information Technology Director for CBN, lately in Abuja, noted the bank had made continuous efforts since 2017 to set up the highly deliberated online money.
CBN hinted the launch of the pilot project to be on October 1st, 2021. The project, also known as ‘GIANT’, will be operating on the hyper-ledger fabric blockchain.
This simply means there would be an open-source project for developing blockchain-based products, solutions, and applications to be utilized by private enterprises.
However, before the unveiling of the entire project, CBN has decided to conduct proof of concept in the year 2021 itself.
The Central Bank of Nigeria, CBN, and others worldwide listed some of the advantages of the anticipated Digital Currency, noting that it will facilitate and encourage cross-border trade and allow macro-management of the bank’s operations.
In addition, the Nigerian apex bank, using online money, intends to promote economic diversity and equality, including efficacious monetary policy.
The currency’s objectives are to consistently enhance systematized payments, revenue tax collection, remittance development, and focused social intervention, among other targets.