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Nigerian Central Bank Reveals CBDC Guidelines and Announces Intention To Launch ENaira Wallet – Fintech Bitcoin News

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According to reports, the Central Bank of Nigeria (CBN), its e-naira digital currency is now legal tender and will not be considered an interest-bearing asset. Additionally, customers will be restricted from making transactions or using value-based transactions.

In five steps, you can launch

According to Nairametrics ReportCBN recently sent a document to the banks containing new details about the design and operation of the enaira. The same document also contains details about the tasks assigned to each participant in the enaira program.

The report explains that the CBN will be responsible for the initial part of the deployment. This will include the issuance, distribution and redemption of the currency as well as its destruction. “Authorized financial institutions will now be able to request foreign currencies or issue stable coins in the Financial Institution Suite.” They also manage digital currencies between branches, KYC, identification, and AML compliance capability.

The Nigerian government will step in at the third stage where it “processes digital payments sent and received from citizens and businesses”. In the fourth step, merchants should provide “low cost payment and business management software, point of sale, remote payment solutions, online capabilities, transaction analysis and reconciliation”. The Retail Consumer Suite is the final step. It focuses on the architecture for digital currency.

“Speed ​​portfolio”

In the meantime, there is a separate ReportAccording to CBN, the bank is on the verge launching a wallet to store its digital currency. The report states that this wallet will allow the CBN achieve its goal of launching the e-naira on October 1, 2021. This wallet will not be able to compete with existing banks. Cryptotvplus reports that it “will serve a medium of value transactions, until banks and other innovators are able to provide their own wallets.”

The wallet, also known as the Speed ​​Wallet, will have three tiers. The first level is available to Nigerians who do not have a bank account. Access will be granted only if you present an “identity photograph, name, address, and telephone number”.

Level two wallet users, on the other hand, must “have an account with an existing bank”. Users at this level can only send and receive $400 [N200,000]Daily with a daily cumulative amount of $ 1,000 [N500,000.]”The minimum requirement for this level is a Bank Verification Number (BVN). The third level allows daily transactions up to $ 2,000 and a daily cumulative balance of at least $ 10,000 A BVN is the minimum requirement.

How would you rate e-naira’s success chances? We’d love to hear your opinions in the comments below.

Image credit: Shutterstock. Pixabay. Wiki Commons




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