⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-Sentence Summary:
🇳🇬's Central Bank Digital Currency, the eNaira, faces adoption hurdles amid civil liberties and human rights concerns.
✅ In 2021, the Central Bank of 🇳🇬 launched the eNaira, a form of Central Bank Digital Currency (CBDC).
✅ Access to the eNaira is primarily through the eNaira Speed Wallet mobile app, with transactions taking place using an underlying software platform by Bitt Inc.
✅ Citizens are required to share personal information to access higher transaction limits for the CBDC.
✅ By 2022, the CBDC only had a 0.5% adoption rate despite efforts from the government to encourage usage.
✅ The Central Bank of 🇳🇬 created a cash shortage to propel CBDC adoption, resulting in widespread protests.
✅ Despite low adoption rate, the Central Bank governor declared the CBDC approach a success.
✅ In 2023, the Central Bank of 🇳🇬 was seeking new technology partners to enhance the CBDC, but with no plans to replace existing partners.
✅ In 2024, Gluwa signs a partnership agreement with the Central Bank of 🇳🇬 to drive the adoption of eNaira.
✅ Human rights concerns and issues such as corruption could pose a challenge to the CBDC's adoption.
Hashtags:
#CBDCs #Nigeria #HumanRights #FinancialInclusion #eNaira #DigitalCurrency
Question:
In light of the adoption challenges faced by the eNaira and the implicated human rights concerns, how can Central Bank Digital Currencies be designed and implemented in a manner that promotes financial inclusion while protecting civil liberties and individual privacy? We welcome your thoughts and suggestions.
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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