The Central Bank of Nigeria (CBN), has revealed plans to launch its digital currency before December.
This was revealed to newsmen by the CBN Director of Information Technology, Rakiya Mohammed, in a virtual briefing during the Bankers Committee meeting that was done virtually on Thursday.
Mohammed disclosed that the digital currency will be accessible to every Nigerian just like everyone have access to cash.
According to him “Everybody will have access to the Central Bank digital currency. Let me categorically state that cryptocurrencies such as Bitcoin and the rest of them are not under the control of the Central Bank; they are purely private decisions that individuals make.”
He said they have spent over two years studying the concept of the Central Bank digital currency adding that they have identified the risks involved and it is one of the reasons why they are setting up a central government structure that would involve all the industry stakeholders to access all the risks.
Mohammad also said very soon they will announce the date for the launch, stating that by the end of the year, they will have the currency.
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