CBDC, Nigeria is ready to launch its digital currency, but there are legal problems

CBDC, Nigeria is ready to launch its digital currency, but there are legal problems


Nigeria has said it is ready to launch e-naira, its central bank-led CBDC digital currency, and has put the official website online, which has already received more than a million hits in just 24 hours. Such a reaction, according to official sources, would indicate "the high level of interest in the proposed digital currency".

As explained on the website, the Nigerian central bank's e-naira should serve as both a means of exchange that from store of value. The digital currency "will also offer better payment prospects in retail transactions than cash payments." It is claimed that e-naira will accelerate financial inclusion, improving both local and international trade. On the other hand, the website reiterates the CBN's claim that e-naira will be similar to physical naira. The CBDC will be traded among peers and anyone can keep it. Despite all this, a new report suggests that the launch of the CBDC could be postponed by a legal dispute that would have been filed against CBN by Enaira Payment Solutions. In its dispute, Enaira Payment Solutions, established in 2004, insists that it is the legitimate and legal owner of the Enaira trademark.

Therefore, to protect itself from the consequences of this "illegal act" by CBN, the company claims to going to the High Court where she hopes to get a restraining order against the central bank. However, the company warned CBN against "using or purporting to use the name Enaira for its product or in any other way".

Visa Publishes Whitepaper for CBDC and Stablecoin Interoperability

BeInCrypto –

Visa has released a whitepaper for the Universal Payment Channels, a “hub-and-spoke” model for interoperability among various distributed ledger technologies.

Financial services company Visa has suggested that central bank digital currencies (CBDC) and stablecoins should be interoperable, according to a published paper. The “Universal Payment Channels” whitepaper discussed an interoperability platform for digital currencies and a framework built on top of various distributed ledger technologies.

The primary goal of the UPC is to overcome scalability issues faced by existing networks. Visa proposes a “hub-and-spoke payment route,” which would function similarly to existing interoperability solutions. The UPC works by having senders open a single payment channel with a hub, which then manages the transaction with various spokes.

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