⚠️ 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:
Nigeria's implementation of a Central Bank Digital Currency (CBDC) has raised human rights and economic adoption concerns.
✅ 🇳🇬 launched its CBDC, eNaira, in 2021 through the eNaira Speed Wallet mobile app.
✅ Transaction is via a platform developed by Bitt Inc. with Hyperledger Fabric as the underlying ledger.
✅ Citizens' transaction and balance limits depend on the personal information they are willing to provide.
✅ The eNaira's adoption rate only reached 0.5% by 2022, despite government efforts to enhance usage.
✅ Deputy governor Kingsley Obiora suggested the eNaira needed a "little push" from the government to boost adoption.
✅ In December 2022, the 🇳🇬 government's decision to create a cash shortage resulted in protests and demands for cash restoration.
✅ Despite a rise in adoption from 0.5% to 6%, the International Monetary Fund reported that 98.5% of issued wallets remained unused in 2023.
✅ In 2023, 🇳🇬's Central Bank sought tech partners to revamp the eNaira and later announced upgrades, including contactless payments.
✅ Gluwa signed a MoU with Central Bank of 🇳🇬 in 2024 to help increase eNaira adoption.
✅ Human rights concerns and corruption issues escalate as it appears the government forced citizens to adopt eNaira by creating a cash shortage.
✅ Freedom House expressed concerns about potential political favoritism through CBDC policies due to prevalent corruption in 🇳🇬.
#CBDCs #Nigeria #HumanRights #DigitalCurrency #eNaira #CentralBanks
How can the implementation of CBDCs balance technological innovation while respecting civil liberties and human rights, particularly in nations grappling with corruption and oppression? Share your thoughts on this complex issue.
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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