According to a Nigerian report, the official website of the Central Bank of Nigeria (CBN) e-Naira Digital Currency is now operational. The reports come just days before the central bank launched the Digital Currency (CBDC).
E-naira similar to physical currency
An analysis in today’s regional newspaper found that the website recorded more than one million hits in just 24 hours of being live. According to the publication, such feedback indicates “the level of interest in the proposed digital currency”.
As explained on the website, CBN’s e-Naira is expected to act as both a medium of exchange and a value store. Digital currency “will provide the possibility of better payment in retail transactions than in cash.” There are claims that e-Naira will accelerate financial inclusion, increasing both local and international trade.
On the other hand, the website reiterates CBN’s claim that e-Naira will be similar to physical Naira. CBDC will be exchanged between peers and anyone can hold it.
Nonetheless, a new report from Cryptotvplus states that the CBDC rollout may now be hampered by a legal challenge that Enaira Payment Solutions has filed against CBN. In its challenge, Enira Payment Solutions, which was incorporated in 2004, emphasized that it is a fair and legal holder of the Enira trademark.
Therefore, to protect itself from the effects of this “illegal work” of the CBN, the company said that it has since approached the High Court where it is expecting a restraining order against the central bank. Nevertheless, the company warned CBN against “using or intending to use the name Enaira in its products or in any other way.”
Do you agree that CBDCs offer better payments in retail transactions than in cash? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons
Denial: This article is for informational purposes only. It is not a direct offer or request for a purchase or sale offer, nor is it a recommendation or approval of a product, service or company. Bitcoin.com does not offer investment, tax, legal or accounting advice. The Company or the Author is not directly or indirectly responsible for any loss or damage caused by or in connection with the use or reliance on any content, product or service referred to in this article.