Nigerian Central Bank Unveiled CBDC Guidelines and revealed their Plan to Launch E-Naira Wallet.
The Central Bank of Nigeria (CBN) has revealed that its digital currency will be a legal currency month and a state of interest. In addition, it imposes a limit on the operations of the customers and the transactions based on the value.
According to the Nairametrics news, the new information about the design of e-naira and the operating module appeared in a document that the CBN recently sent to the banks. The same document also contains detailed information about the assigned functions in each of the parts that would play a role in the e-naira program. Naira is the official Nigerian currency.
The CBN property will lead the first part of the e-naira display. This leading implies the issue, distribution, and destruction of the currency.
In the second stage, the Suite of Financial Institutions, financial institutions with licenses may apply for monthly or issue stable funds”. It also controls the digital currency in the sugar companies, Knows to your customer (KYC), identification and capacity of Completion Dinner.
The governor of Nigeria will be involved in the third stage of the process. This quarter brings together the merchants who hope to have commercial cost management software and low-cost payroll, POS, remote payment solutions, online capabilities, transaction analysis, and conciliation. The last stage, also known as the Retail Consumer Suite, will focus on the structure of the digital world.
E-naira and “Speed Wallet”
CryptoTVplus informant says that the CBN is now on the way to launch a ticket for its digital currency. According to the information, this ticket allows the CBN to complete its launch and e-naira goal before October 1, 2021.
Without an embargo, this ticket will not compete with existing banks. In addition, the media reports that it “will serve as a medium to carry out value transactions, depending on where the banks and other innovators can propose their ticket prices”.
The ticket, which is known as Speed Wallet, will have three levels. The first level got designed for Nigerians without bank accounts. Without embarrassment, only access will receive approval by “employing the presentation of a passport photo, number, place, and date of birth, sex, direction, and telephone number.”
Ticket users, by another drawer, must hold an account in an already existing bank. Users of this level can only send and receive USD 400 [N 200,000] records with an accumulated balance of USD 1,000. [N 500,000.] ”.
The minimum requirement for this level is a bank verification number (BVN). The third level allows you to perform diary transactions for USD 2,000 with an accumulative diary balance of USD 10,000. To have a BVN is the minimum required.
Last month, DiarioBitcoin announced that as of October 1, Nigeria is launching a trial pilot for its digital currency distributed by Central Entity (CBDC). At the moment, the director of the area of information technologies, Rakiya, Mohammed, indicates in a communication that the pilot for GIANT, the project for the development of a CBDC that dates from last 2017, will work on the red Blockchain by Hyperledger Fabric.
By: Jenson Nuñez
