Zimbabwe has introduced a gold backed digital currency.
Still government controlled it appears.
How will citizens know the gold is actually there to back the digital currency?
Will the gold be independently audited?
Friday, May 26, 2023
Wednesday, May 24, 2023
Nigeria's Central Bank Digital Currency (CBDC) - The Story So Far
The Central bank of Nigeria started incentivising people to use the Nigerian CBDC (eNaria) in October 2021 but a year later only 0.5% of the population had done so. Consequently, in October 2020 the Central bank said that existing paper notes would be replaced by new note from 1 Feb 2023.
On 2 December 2022, by way of another measure, the Central Bank set cash withdrawal limits: ₦100,000 (about $225) per week for individuals and ₦500,000 (about $1,120) for businesses.
Larger withdrawals were subject to a 5 to10% processing fee. ATM withdrawals were limited to ₦20,000 ($45) per day. Only ₦200 ($0.45) notes or lower denominations were available from ATMs.
As a result of this eNaria usage has increased from 0.5 percent to 6 percent of the population.
Sources:
www.cato.org
www.armstrongeconomics.com
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Zimbabwe has introduced a gold backed digital currency. Still government controlled it appears. How will citizens know the gold is actually ...
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The Central bank of Nigeria started incentivising people to use the Nigerian CBDC (eNaria) in October 2021 but a year later only 0.5% of the...
