The Central Bank of Nigeria (CBN) Will Launch the Pilot Scheme of CBDC

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Today’s Headline

The Central Bank of Nigeria (CBN) submitted its Central Bank Digital Currency (CBDC) initiative to stakeholders yesterday. CBN revealed it will start the pilot project of CBN’s Central Bank Digital Currency (CBDC) on 1st October. CBDCs, or state-issued digital fiat currency, are often stated as a way to replace privately launched cryptocurrencies. 

However, some argue the potential to destabilize a nation’s sovereignty. The bank will conduct a proof-of-concept before the end of 2021. CBN emphasized that the institution should not be left behind while the majority of global central banks make progress in their own CBDC test and development.