The official website of the upcoming Central Bank of Nigeria’s (CBN) digital currency, the eNaira, has gone live, exactly one week to the planned launch of the initiative. The website has already recorded over a million hits barely 24 hours after going live.

The development shows a reflection of the level of interest in the proposed digital currency.

 The website promises easier financial transactions for users of eNaira, offers opportunity for peer-to-peer payments which allows users to send money to one another through a linked bank account or card; allows customers to move money from their bank account to their eNaira wallet with ease; can monitor their eNaira wallet, check balances and view transaction history; and make in-store payment using their eNaira wallet by scanning QR codes.

The CBN governor, Godwin Emefiele, while speaking to a gathering of foreign investors in New York, recently, had told his audience that because of activities surrounding the country’s Independence celebration on October 1, the planned launch of the eNaira would likely be rescheduled to October 4, 2021. “The central bank would not want the event to take the shine away from the Independence celebration,” he said.

Recall that, Nigeria and Ghana are racing to adopt a central bank digital currency as they look to ride the wave of popularity of cryptocurrencies in West Africa’s two largest economies.

Central banks in both countries have partnered with foreign financial tech companies to create digital versions of their currencies, joining the global train of countries exploring the initiative. Nigeria, Africa’s largest economy, will launch its eNaira digital currency on October 1, while Ghana will trial e-Cedi from this month.

NOTE: ALL WHAT YOU NEED TO KNOW ABOUT THE E NAIRA: 

Will the eNaira replace cash?

No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

As an eNaira holder, am I assured of data privacy?

Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.

Is the eNaira safe?

eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

The clampdown comes as China’s central bank has been testing its own digital currency. The price of Bitcoin dropped on the news.

China intensified its crackdown on cryptocurrency on Friday, declaring all financial transactions involving cryptocurrencies illegal and issuing a nationwide ban on cryptocurrency mining, the power-hungry process in which vast computer networks compete for newly created crypto tokens.

In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said. The PBOC said it has also improved its systems to step up monitoring of crypto-related transactions and root out speculative investing.

Recall that, China has in the past been a popular site for mining due to low electricity costs in areas like Inner Mongolia, but the country is currently experiencing an energy crisis and trying to become carbon neutral by 2050, a goal that cryptocurrency is making harder to meet. In 2019, China was home to 75 percent of the world’s Bitcoin energy consumption. That number dropped to 46 percent in spring 2021, and will likely drop even more sharply with the new restrictions announced on Friday.

NOTE: Do you really support China decision of banning crypto (BITCOIN)? Let hear your say through the comment box below. Don't forget to like, share, comment and click on the follow button for latest news.