⚠️ 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 Central Bank Digital Currency, the eNaira, fails to gain momentum amid pushback from citizens and potential human rights implications.
✅ Nigeria 🇳🇬 launched its Central Bank Digital Currency, the eNaira, in 2021 but has seen insignificant adoption.
✅ The eNaira, bridged by financial institutions and managed through a mobile app, hasn't found success due to limits on transactions and balances.
✅ By 2022, the eNaira only had a 0.5% adoption rate despite government efforts to simplify its use and offering discounts for its use.
✅ The Nigerian government created a cash shortage to enforce eNaira use, sparking protests, despite this, central bank governor Godwin Emefiele aims for Nigeria to become a 100% cashless economy.
✅ Yet, 98.5% of issued eNaira wallets remain unused according to a report from the International Monetary Fund in May 2023.
✅ In 2023, the Central Bank of Nigeria began seeking new technology partners to improve its CBDC, aiming to offer contactless payments, and in 2024 welcomed Gluwa to aid in eNaira adoption.
✅ However, Nigeria's struggles with corruption and its oppression of civil liberties, particularly silencing dissent, raise alarm bells over the governmental abuse of the CBDC.
#HumanRightsUpdate #CBDC #Nigeria #Naira #DigitalCurrency #GovernmentDigitalCurrency
What are your thoughts? Could the failure of the eNaira in Nigeria be a wake-up call about the potential pitfalls of Central Bank Digital Currencies, particularly in nations struggling with corruption and civil liberties? Let's discuss this crucial issue - Do civil liberties and financial freedom take a hit with CBDCs?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
