Central Bank of Nigeria has published instructions on the national project CBDC

The Central Bank of Nigeria (CBDC) has shown its interest in the creation of the digital currency of the Central Bank (CBDC).

The organization has already issued preliminary instructions for the local banks of the country under the CBDC project, called e-Naira. It will be implemented in five stages.

As noted by Nairametrics, the draft document will include the design and structure of the draft, after the implementation of which the digital dial will be declared as a back-up.

When creating a digital currency, the Central Bank should report on such elements, as "Know your customer" (KYC), the stability of the cloud service, test and test

“As a national infrastructure, the systeme-naira will be subject to comprehensive safety checks, in this case all data and personal information (PII) will not be stored in the registry, "- says the report.

The future digital currency of the central bank will provide a premium rate and will operate as a free CBDC.

The dossier also describes testinge-Naira wallet and transactional services. To test the digital currency, the Central Bank plans to attract citizens of the country and sales points by checking the solutions for remote CBDC transactions.

To implement the project, the CBN will cooperate with the fintex firm Bitt Inc, which will provide technical support.

Interestingly, Nigeria is working on the release of CBDCPreceded by the Central Bank banning commercial banks from providing services according to the accounts associated with the operations of the cryptocurrency blockbuster. However, in spite of this, the use of cryptocurrencies in the country will continue to grow.

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