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Central Bank of Nigeria to launch CBDC pilot in 2021

Friday 23 July 2021 13:20 CET | News

The Central Bank of Nigeria has announced it will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on 1 October 2021.

Despite its recent anti-crypto measures, the CBN will reportedly launch a pilot scheme for ‘GIANT’ – a CBDC project in development since 2017, which runs on the open-source blockchain Hyperledger Fabric.

The bank might conduct a proof-of-concept before the end of 2021. CBN representatives emphasised that the institution could not afford to be left behind while most central banks worldwide make headway with their own CBDC research and development.

Among the motivations cited for the project, CBN has noted that a CBDC would be beneficial for macro and growth management, cross-border trade support, and financial inclusion. Potential benefits could still extend further, in CBN’s view, ranging from higher efficiency for payments and remittances, better monetary policy transmission, improved tax revenue collection, and the facilitation of targeted social policies.

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Keywords: CBDC, central bank, digital currency, blockchain
Categories: Banking & Fintech
Companies:
Countries: Nigeria
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Banking & Fintech

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