4 Things That the Nigerian Digital Currency, e-naira Is Not.
The e-naira is ready to be launched. However, the CBN has slated its official launch for today, the 1st of October 2021.
The reason for this may be your easiest guess this year; which might be a unique way of celebrating and honouring the nation on her 61st independence.
The e-naira, like every other digital currency, has so many myths accrued to it.
Here is it;
• The e-naira Is Not A Cryptocurrency: the e-naira, although built and operated on the blockchain open ledger technology, is not a cryptocurrency. Rather it is a digital currency, a digital alternative for a hard note.
• The e-naira Is Not A Stable Coin: a stable coin is any cryptocurrency coin that is fully backed up by reserves. These reserves are fiat money; money that is valued and backed up by the government. But it is not backed up by a commodity such as gold.
So, the e-naira is not a stable coin, because, although there might be an equivalent FIAT reserve in naira, yet, the naira itself is not a stable currency.
• The e-naira Has Not Been Officially Launched: the e-naira is scheduled to be officially launched today, the 1st of October 2021. Although the site has been live for some time, recording about a million visits. But no operation or transaction has been authorised to be carried out on it.
• The e-naira Is Not An Automatic Remedy To Inflation: inflation is leprous to any economy that allows it. Nigeria is has recorded 13.2% of inflation over the last decade, ghu has the economy been plagued.
The e-naira is not an automatic cure to inflation. However, it may help reduce this slowly. Since it will ensure that the exact value of a commodity will be paid for and nothing more, cutting off the plague of too much many chasing few goods.
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