Finally, on the last day of the Africa Bitcoin Conference, I've saved the worst CBDC experience in Africa for last: Nigeria.
In the words of the Central Bank of Nigeria, the CBDC experience has not been a "rosy story."
The central bank launched the eNaira in 2021, and it's basically been downhill since then.
Initial adoption was stuck at just 0.5 percent. The central bank lowered the requirements for access and introduced discounts in response, but people still preferred cash over the CBDC.
With adoption still struggling, Central Bank of Nigeria deputy governor Kingsley Obiora said that all the eNaira needs is a “a little push from the government.”
That's when the central bank suddenly announced it was taking cash out of circulation. After lines turned to protests and then riots, the central bank described the eNaira as a "success" after adoption went from 0.5% to 6%. https://www.coindesk.com/opinion/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries
Even the IMF admit the CBDC has largely been a failure. In a 2023 study, the IMF found that 98.5 percent of the wallets issued have never been used.
And that's to say nothing of all the complaints on the app stores. https://x.com/EconWithNick/status/1942230482995048751?s=20
The eNaira has largely fallen apart at this point. Speaking in Ghana a few weeks ago, one Central Bank of Nigeria official said that Nigerians were not interested in the CBDC, the central bank was not prepared to be a retail bank, and the market was already providing solutions.
I've only just skimmed the surface, so be sure to check out the nostr:nprofile1qyf8wumn8ghj7cnfw3ehgctrdvhxzursqythwumn8ghj7cmp9ehhyctwvajhq6tvdshxgetkqqs0rxy6jmt44guxkny8z4pkym9mxckqxfytygxuntjn6l80hj409sggjrzcm CBDC Tracker to learn more about what's happening in Africa, Europe, Asia, and elsewhere. https://cbdctracker.hrf.org/home
No one wants a CBDC other than the suites in the banks and the government. People all hate the idea. Because they know it's the equivalent of having the government look over your shoulder every damn time you do a transaction. Be it ten bucks for your kids lunch or just gas.
Get the F out here with that crap.
If one were to Isn't that suicide?? Not advocating.
Bonsai was always a strange thing to me, beautiful but also seemed kinda cruel to me.
So when do we cross the thresh hold where it's tacky like shoes with dollar signs on them.
Kinda depends on what your smuggling but yeah can be sure.
I will try that next time I have to buy something on Amazon. Thanks for the tip.
Well, people getting jobs is a good thing net net. I truly believe that as much as it's all an economic experiment we can move things around so it's good for the working class. I mean like you basically pointed out what's the goal. Jobs that's easy. Trade balance meh above my pay grade. Our job is mostly to adapt to this. For good or bad it's what we have to do.
I disagree terrifs can work you have to apply them properly. An trump is a man with many masters so no way he is going to get that job done. He isn't going to be able to apply them objectively with so masters. So, nope terrifs won't work this time. Isn't terrifs cant work ever.
Every time I see a good looking girl o. Any tech heavy stuff my instant reaction is catfish. Costarica looks nice though.
Working on it can't get gpg2 to work.
Bit of a sake maxi myself one of the most interesting spirits in the world. Brewed like a beer drinks like a wine.
The technocrats Monopoly of AI begins with boobs huh? How fitting because that is what they are.
Really I tend to be happier when I internalize that most people are morons. An, I'm not responsible for all the fuckups out there. Gratitude has next to zero to do with it.
I keep forgetting you have to self host photos.
Does that actually make money one would think time cost an materials for both food and bowls might exceed 15$.
Fucking inflation.
