Friday, June 21, 2024

Despite claims of an “excellent” adoption rate, Nigerian experts say CBDC is still unappealing to users

While many countries are coming up with their CBDCs, not all are doing an equal job at it. In the case of Nigeria, the newly released e-Naira has been a failure, according to most experts. Experts have come up with this argument at a time when the Central Bank of Nigeria is claiming that many citizens are eager to switch to e-Naira. According to multiple cryptocurrency and blockchain experts, the reality is very different from what the Central Bank and the government is claiming.

Aniekan Fyneface is a leading crypto expert in Nigeria. In an interview with Bitcoin News, he said that the government has done nothing to promote the e-Naira or explain its benefits to the users. On the other hand, private cryptocurrencies are offering much more than what the e-Naira could. As a result, people with experience and expertise in digital assets prefer cryptocurrencies over e-Naira. While the government claims that many people are interested in e-Naira, in reality, they have very little information about what it is and how it benefits. The core technology of the e-Naira is also underdeveloped, making it a failure among tech enthusiasts.

CBDC, or Central Bank Digital Currency, is an official digital currency of a country. Many countries, including Russia and Switzerland, have rolled out their CBDCs. If used correctly, CBDCs have a huge potential of cutting transaction fees, especially cross-border payment fees. Whether Nigeria improves the e-Naira or not is still a matter of speculation.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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