CBDC In Nigeria, Finally here to its failure

I was, initially, going to write about the steps forward on the roll outs of CBDCs in Nigeria some days back, then I figured it'd be more Juicy waiting for the official launch, well, it's here….

Same Naira - Zero Possibilities

It's a bummer I didn't get to watch the broadcast on the news, as though e-Naira was to be officially launched by the President himself, however, I sure do know what to expect and the effect it will have on the society. Nigerians are particularly full of curiosity, when it comes to innovations, government project's roll outs and development, the citizens are never the type to pay little attention to. My guess is, e-Naira will be fully in session, but crypto addresses in Nigeria will increase, the bank will pretty much still hold more accounts than this central bank digital currency will.

So far, CBN has spent their self-fed wealth on zero merit developments, the biggest joke I've heard this year is CBDCs in Nigeria, and to think that CBN feels achieved by being amongst the first nations of the world to have it implemented. If I'm being real, they are actually the first in Africa to openly embrace failure by building a system that only promotes a depreciating currency.

The governments of the world have been trying to mirror the concept of cryptocurrency but miss out on so many features which happen to be the marketing aspect of it all. Cryptocurrency being unregulated and self managed, bought the investors mind, cryptocurrency providing a means of investing, bought the investors heart, meanwhile, CBDCs, the copycat version does nothing close to it. These guys have failed to realize that the current markets are filled with people that don't give a fuck about safety, no one who scares about that would be buying up internet codes and calling them assets. This is an economy of the people and by trying to rebrand a fuck up model, the government only proves to be stupid and blind to the merits of the open source and high yield paying network, this is a battle lost already.

^{How much more lies can they tell?}

If I read that clearly, I think the freelancer may have mistyped a section of his/her gig, because I see the "definition" of bitcoin given to "e-Naira" lol, "store of value"? While it's dying everyday on the foreign exchange markets? The Central Bank of Nigeria is currently the biggest clowns in the game.

It's funny the distance people travel for power. Sometimes I do wonder if we ain't all humans to all agree on the better things. Crypto can in no way be compared to CBDCs, yet, these guys tend to quote it as the better version.

When this is all over, they would realize how bad greed had played them.

Posted Using LeoFinance ^Beta