The Central Bank of Nigeria (CBN) officially announced that they are officially their pilot digital currency of the central bank central (CBDC) on the Hyperledger Fabric blockchain on October 1st.
Rakiya Mohammed, Director of Information Technology at the Bank of Nigeria, explained in a webinar that a corresponding Proof of Concept (POC) can be carried out by the end of this year at the latest.
According to reports, this “GIANT” project runs on the Hyperledger Fabric blockchain, which aims to bring blockchain-based products, solutions and applications to private businesses.
The Central Bank of Nigeria said that about 80% of the Central banks globally issue or have already issued CBDCs including Thailand, China, the United States, South Korea, Ghana, Philippines, etc.
Nigeria’s central bank also stated that Nigeria must also join the CBDC path to facilitate the country’s macro-control and facilitate cross-border trade.
Nigeria has always maintained a hostile attitude towards cryptocurrencies. As Blockchain.News reported on February 8th of this year, The Central Bank of Nigeria (CBN) has redoubled its efforts to cripple cryptocurrency transactions in the country, declaring that they are a breeding ground for illegal activity.
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