Cryptocurrency News: Nigeria Will Launch Its Own Cryptocurrency ‘eNaira’

Nigeria barred banks and financial institutions from transacting or providing services in cryptocurrencies in February.

Nigeria is working on launching its own cryptocurrency. The central bank said that Nigeria will work with Bitt as a technical partner to launch its own cryptocurrency “Enayra”.

The central bank announced plans to launch its digital currency later this year, after Nigeria allowed banks and financial institutions to cryptocurrency prohibited from transacting in or providing facilities. Central Bank Governor Godwin Amphiel has said that e-Naira will act as a wallet, under which customers can keep existing funds in their bank accounts. Amphiel said in a statement on Monday that the currency will accelerate financial inclusion and lead to cheaper and faster remittance flows.

Barbados-based Bitt earlier this year led the development of the Eastern Caribbean Monetary Association’s “DCash”, the first digital cash issued by currency union Central Bank. In related news the first cryptocurrency ATM opened in Honduras last week as bitcoin supporters sought to increase demand for the virtual asset. The reason was that neighboring El Salvador became the first country to establish Bitcoin as a legal tender.

This ATM machine, locally called “la bitcoinera”, allows users to receive bitcoin and ethereum using the local lempira currency, and it is installed by Honduran firm TGU Consulting Group in the capital of Tegucigalpa. The office was set up in the tower.

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