Wallet eNaira - Nigeria's losing war against Bitcoin

The eNaira, the first figures – The Central Bank of Nigeria (CBN) recently launched its digital currency. The opportunity for a battle of numbers on adoption of the official wallet eNaira, against the backdrop of the threat posed by Bitcoin according to the authorities of the country hard hit by inflation.

Bitcoin vs. eNaira: the adoption war via numbers

Central Bank of Nigeria spokesperson Osita Nwanisobi reportedly said 78,000 merchants from 160 countries have signed up to join the eNaira ecosystem. 488,000 eNaira wallets have been downloaded within a few weeks of the official launch of the Nigerian central bank’s digital currency.

These good numbers on eNaira are, however, qualified by others, advanced by Nwanisobi in a November 15, 2021 article published on Bloomberg. The amount of eNaira exchanges would actually only amount to $150,000 since its launch, a drop in the bucket compared to the 60,215 BTC, worth about $3 billion, exchanged by Nigerians between 2017 and 2020.

Bitcoin would now be the major alternative adopted by Nigerians, in the face of the devaluation of the naira. Some members of the Nigerian diaspora working abroad even prefer to send bitcoin back home, rather than fiat.

>> Come take your first steps into the Bitcoin world on Binance <<

Curbing bitcoin’s advance: the eNaira, the last chance assault

The Central Bank of Nigeria has already attempted to curb the significant growth of cryptocurrency adoption in the country, including ordering banks to freeze the accounts of cryptocurrency traders and investors.

The institution is now trying to compete with bitcoin with the launch of the eNaira. It is touting the latter as an inclusive digital currency accessible to all. The MNBC is said to comply with the existing legal framework in Nigeria on data protection. However, it is also designed to comply with anti-money laundering and anti-terrorist financing provisions. Users of the eNaira should therefore logically in this framework, transmit their personal data to the central bank.

See also  Argentina: Investor tells how he was robbed of $100,000 in cryptocurrencies

This war against cryptocurrencies is far from won, however, in light of a Chainalysis study indicating that Nigeria is now one of the countries that records the highest proportion of retail users making cryptocurrency transactions of less than $10,000.

Nigeria has outpaced almost every country in the MNBC race. It is thus far ahead of the United States, which does not seem to be in a hurry to release its digital dollar, and which prefers for the moment to focus on a legal framework for stablecoins.

The time for state interest in Bitcoin has come. What are you doing to prepare for the future? Start learning about this exciting world, and don’t wait any longer to to create an account at Binance.the leading Bitcoin and crypto exchange (affiliate link).