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Cryptopolitan 2021-08-30 20:46:31

Central Bank of Nigeria edge closer to floating CBDC

TL;DR Breakdown Central Bank of Nigeria release CBDC guide to banks.Guide contains modus operandi of CBDC.Global fintech firm, Bitt Inc partner CBN on CBDC project. The Central Bank of Nigeria (CBN) has released a guide to commercial banks containing details of the digital naira launch and how it would work and be handled by these commercial banks and users. In the release by the central bank, the document emphasized that the e-Naira is a legal tender for the entire country. It also noted that the currency would be a non-interest-bearing digital currency, unlike crypto coins. The Central Bank of Nigeria report also states limits put for customers based on the type of wallet they are eligible to use. Central Bank of Nigeria’s e-naira will run alongside the country’s fiat currency (Naira). The CBN says it would be responsible for issuing, distributing, and redeeming the digital currency, among other monitoring and management functions. Primary feature of the Central Bank of Nigeria CBDC Contained in the document sent to commercial banks, the CBDC would operate under a tiered Anti-Money Laundering and Know Your Customer (AML/KYC) structure. There would be a three-tier consumer “speed wallet.” One is for users without a bank account. They would be able to transfer a maximum of ₦50,000 ($100) daily and own a cumulative balance of ₦300,000 ($600). Other wallets are for those with a bank account with a higher transaction limit per d...

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