Let me explain this digital currency thing.
If Dangote gives you N1m cash, do you have N1m? Yes. FIAT
If Dangote give you his ATM card & PIN with N1m on it, do you have N1m ? Yes.
If you email Dangote ATM card # and PIN to me, do i have N1m? Yes. DIGITAL
If Dangote gives you N1m cash, do you have N1m? Yes. FIAT
If Dangote give you his ATM card & PIN with N1m on it, do you have N1m ? Yes.
If you email Dangote ATM card # and PIN to me, do i have N1m? Yes. DIGITAL
With a digital currency, you simply email your cash to an exchange. Receiver will download that email to their inbox (wallet)
Now a Central Bank can say "don't send email, use your cash buy this CBN email (digital currency) and then send to anyone.
It's still online, no fee
Now a Central Bank can say "don't send email, use your cash buy this CBN email (digital currency) and then send to anyone.
It's still online, no fee
The problem is why will anyone take $ (stable somewhat) and buy that CBN digit (unstable)?
No one will.(even with N5)
So CBN needs to show strength by saying their digit is backed by something (like Dangote ATM or gold or $)
That way $ will flood CBN digits because it's safe
No one will.(even with N5)
So CBN needs to show strength by saying their digit is backed by something (like Dangote ATM or gold or $)
That way $ will flood CBN digits because it's safe
If CBN works with Nigerian FINTECH and Banks, they build an ecosystem that issues a stablecoin that will be in demand across Africa because all Africans will use it to send money home.
At zero cost on a standard created by Nigerians
If Nigeria does not do it, Kenya will
At zero cost on a standard created by Nigerians
If Nigeria does not do it, Kenya will
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