{"id":45147,"date":"2021-06-11T05:18:34","date_gmt":"2021-06-11T04:18:34","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=45147"},"modified":"2021-06-11T05:24:15","modified_gmt":"2021-06-11T04:24:15","slug":"cbn-to-launch-own-digital-currency-before-december","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/06\/11\/cbn-to-launch-own-digital-currency-before-december\/","title":{"rendered":"CBN to launch own digital currency before December"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has disclosed that it will launch its own digital currency before the end of 2021.<\/p>\n<p>Digital currency is a form of currency that is available only in electronic form. Cryptocurrencies such as Bitcoin and Ethereum are digital currencies.<\/p>\n<p>El Salvador, a country in Central America on Wednesday officially recognised <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/08\/fbi-recovers-2-3m-in-bitcoin-paid-to-ransomware-hackers\/\">Bitcoin<\/a> as a form of legal tender to &#8220;drive financial inclusion&#8221;.<\/p>\n<p>Speaking with journalists at the end of the virtual bankers\u2019 committee meeting on Thursday, Rakiya Mohammed, CBN director of information technology, said the apex bank has been exploring the technology for over two years and has made tremendous progress.<\/p>\n<p>\u201cBefore the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,\u201d NAN quoted Mohammed to have said.<\/p>\n<p>According to Mohammed, the apex bank plans to come up with a digital currency to make remittances travel easier from abroad to Nigeria.<\/p>\n<p>She said the digital currency would accelerate the ability to meet the target, regardless of one\u2019s country of residence.<\/p>\n<p>The CBN director noted that the apex bank would be exploring various technological options and engaging various industry players, and moving to the next stage of proof of concept to pilot the scheme.<\/p>\n<p>Mohammed said the CBN considered the architecture, accessibility issue and privacy of the currency before embarking on the venture.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has disclosed that it will launch its own digital currency before the end of 2021. Digital currency is a form of currency that is available only in electronic form. Cryptocurrencies such as Bitcoin and Ethereum are digital currencies. El Salvador, a country in Central America on Wednesday officially recognised [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":11075,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[728,658,6053,10546],"class_list":["post-45147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-bitcoin","tag-cbn","tag-digital-currency","tag-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN to launch own digital currency before December<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has disclosed that it will launch its own digital currency before the end of 2021.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/11\/cbn-to-launch-own-digital-currency-before-december\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN to launch own digital currency before December\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has disclosed that it will launch its own digital currency before the end of 2021. Digital currency is a form of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/11\/cbn-to-launch-own-digital-currency-before-december\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-11T04:18:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-11T04:24:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/03\/ola_peter\/2021\/03\/20\/cryptocurrency-ban-nigerians-are-free-to-use-bitcoin-says-cbn-declares.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta 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