7 Benefits of Planned Nigerian Central Bank Digital Currency

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7 Key Benefits of Planned Nigerian Central Bank Digital Currency (CBDC) Project

Nigerian plots Central Bank digital currency

The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on October 1.

This comes at a time, much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. 

The Nigerian apex financial institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set October 1, for the pilot scheme for “GIANT,” of its blockchain-powered Central Bank Digital Currency (CBDC). The “GIANT” is a CBDC project in development since 2017 that runs on the open-source blockchain Hyperledger Fabric.

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7 Benefits of the Proposed Nigerian Central Bank Digital Currency (CBDC) Project

CBN has noted that The “GIANT” CBDC project CBDC would be beneficial in 7 ways:

1. Macro and growth management
2. Cross-border trade support and
3. Financial inclusion.
4. Higher efficiency for payments and remittances
5. Better monetary policy transmission
6. Improved tax revenue collection, and
7. The facilitation of targeted social policies.

Read more of ‘Nigeria to pilot central bank digital currency in October’ on Cointelegraph