⚠️ 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:

Despite desperate measures by the 🇳🇬 government to force adoption, the Central Bank Digital Currency (CBDC) largely flops, raising civil liberties concerns.

✅ The Central Bank of 🇳🇬 launched its CBDC, the eNaira, in 2021, but it hasn't gained much traction.

✅ The eNaira is an intermediated CBDC accessed mainly via a mobile app, with transactions executed using a software platform from Bitt Inc., relying on Hyperledger Fabric.

✅ Balances and transactions are limited based on the amount of personal information users provide.

✅ Adoption rates remained remarkably low (0.5%) in 2022, despite government efforts to encourage use.

✅ A government-induced cash shortage in late 2022 saw adoption rates rise to 6%, but was met with public outrage.

✅ The International Monetary Fund revealed that most wallets created for eNaira were not utilized, casting further shadow on its "success".

✅ In 2023, 🇳🇬’s central bank discussed new technology partnerships to bolster the CBDC's efficiency - Gluwa reportedly sealed the deal in 2024.

✅ The eNaira has raised human rights and civil liberties concerns, given 🇳🇬's inefficacies in handling corruption and oppression.

✅ These issues cast doubts on the government's ability to limit surveillance, control, or risks associated with CBDCs and misuse it to suppress dissent.

✅ Reports highlighting human rights abuses and civil liberties violations by various organisations are available for more detailed insights.

#CBDC #Nigeria #HumanRights #Freedom #CivilLiberties

How can we ensure accountability and protection of civil rights in the development and deployment of Central Bank Digital Currencies, like eNaira, particularly in countries dealing with governance issues?

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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