Can Nuspay’s XHYRE be the Ingenious Approach of Digitizing Assets into Payment …

Nuspay set forth XHYRE as the next generation global asset exchanging platform based on blockchain technology. It draws its dart to bring in a positive change in the Real Estate marketplace by divulging them as payment securities.

First, a little backstory. Nuspay is a DeepTech company which originally started its Journey in the USA, in the state of Delaware as FinTech. It is a global Deep Tech company established with the aim of providing a new, unique and secure Digital Payment Service utilizing Big Data and Deep Machine Learning on Blockchain and other Decentralized Platforms. After the initial years in the US, looking at the promising Global market scenario Nuspay relocated its main Global operating base to NY, USA for availing better market opportunity.

Nuspay has now been popularized as a DeepTech company and XHYRE is known to be Nuspay PropTech’s prodigy. It has been claimed that blockchain has the potential to help accelerate the adoption of the sharing economy which has already begun to unleash industry disruption by opening up significant amounts of previously untapped private capacity and liquidation of assets, specially the real estate market may discern significant changes in inter estate transactions and instant transfer of ownership.

In a nutshell Nuspay is a blockchain powered startup on the verge of becoming the go to marketplace for real estate assets to create, manage, and trade fractional ownership shares. It’s regulatory compliant ecosystem incorporates with Government’s consent enabling Land Registry related issues like Caveat Dealings, Sale and Purchase Agreement (SPA) , IDT (Issue Documents of title), Deed of assignment. Properties are officially and legally represented as security tokens on the blockchain. XHYRE is focused on facilitating an accessible, streamlined real estate asset exchange platform, Ultimately resulting in a global real estate market far more efficient than the stock market today.

XHYRE is seemingly established on four main cores, that includes Blockchain, Artificial Intelligence, Big Data & Business Intelligence. Blockchain is basically used for secure real-time payment settlements, in this case they have adopted Hyperledger Fabric for proptech. Hyperledger Fabric focuses on encouraging the use of blockchain technology to improve the performance and reliability of current systems to support global business transactions which is considered as a unique approach to consensus that enables performance at scale while preserving privacy. Artificial Intelligence is there to make efficient decisions based on cognitive algorithms. Big data helps to identify demographic consumer shifts to escalate sales & finally automated business intelligence to identify efficient paths to future growth.

The aforementioned cores purportedly helps XHYRE achieve monumental advantage over the current scenario. The current real estate space faces a lot of problems like lack of liquidity. It is generally a strenuous process to liquidate an asset. There are also many hidden attributes in specific conditions which creates unnecessary tantrums while registration. The settlements are complex and investors struggle with the due diligence process. Lastly, there is also the limitation of transparency. Asset valuation is not transparent and this creates a ragbag. XHYRE claims to solve all of these by providing a framework for easier Real Estate transfers as payment securities. Proper due diligence is to be provided through the framework. Investors can also claim fractional ownership through XHYRE. Thanks to its blockchain structure, the records are immutable and the settlements are transparent yet secured through pseudonymous activities.

Assets are to be digitized through XHYRE. Owners of assets can register in the framework for enlisting their properties and after a proper verification through the system, it will finally be enlisted. Enlisting the asset on the platform evidently transforms it into a digitized asset and buyers can invest in the bits and pieces of the actual assets and engage in transactions as payment securities when market value increases. The transactions are meant to be secure because they will all be stored in the public ledger of the platform. The base of XHYRE is very strong as proven by Nuspay’s track record. The prospects are sanguine and the hurdles of starting from the scratch seems to be nonexistent.

Nuspay’s XHYRE is trying to empower asset owners & proprietors to easily digitize their assets, which can later be easily liquefied. A lot of people who couldn’t acquire property due to inadequate funds can finally own assets at the fraction of the cost due to split equities of specific assets. This will create an opportunity for a lot more investors, thus creating an opportunity for an alternative capital market. Mr. Abul Mansur, the managing director of Nuspay International Incorporated has stated that, “Relative trust and transparency will improve in the long run, as only verified assets will be enlisted and will be permitted to be sold to the broad spectrum. The blockchain protocols of XHYRE will ensure the authenticity of the enlisted objects, thus creating an opportunity for a seamless trade.”

XHYRE is trying to gain shares in the mainstream Real Estate markets and gain major advantage over the backdated procedures of the present Real Estate exchanging protocols. It seems like XHYRE might get a major lead, as the situation is dire at the moment. The option to digitize assets and use them as payment securities is revolutionary and there is no doubt about the fact that it is here to stay. Strong indications like this depicts that, transaction through the XHYRE ecosystem will eradicate the middleman and provide an equal opportunity for all the involved parties to have a financially rewarding outcome.

Media Contact

Company Name: Nuspay International Incorporated

Contact Person: MD MOBASHER AZMI – Public Relation Manager

Email:Send Email

Address:Global Operation: World Trade Center, 85th Floor (8500)

City: New York

State: New York,10007

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Does Nigeria really need CBN’s e-Naira? – Nairametrics

The Central Bank of Nigeria (CBN) has stated that it plans to launch the pilot scheme of its Central Bank Digital Currency (CBDC) on Independence Day. This was mentioned at a press briefing delivered by Rakiya Mohammed, Director, IT Department at the CBN.

She stated that the apex bank has been conducting research in regard to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.

The project name is tagged Project “GIANT” and a blockchain technology known as the Hyperledger Fabric Blockchain is being used. The CBN has also dubbed its CBDC ‘e-Naira.’

READ: CBN drafts guidelines to Nigerian banks on e-Naira

In a presentation to banks, as earlier reported by Nairametrics, the CBN gave insight into how the e-Naira would operate, noting that it will be a legal tender for the entire country and have non-interest-bearing CBDC status, a transaction limit for customers and a value-based transaction limit.

According to the presentation also, the CBN will issue its own wallet called the “Speed wallet,” but the wallet will not compete with existing banks. The CBN awaits the creation of “wallets” by banks and other innovators.

READ: Exclusive: Digital Currency partner, Bitt Inc to register in Nigeria, CBN to own stake

How to use the e-Naira

To use the e-Naira to transact, users will have to download the speed wallet, validate their account on the wallet by using either their phone number, National Identity Number (NIN) or Bank Verification Number (BVN). Once done, users can begin to use the wallet. According to the presentation, users will be able to send money using Peer-to-Peer (P2P) transactions through their wallets to other wallet holders, Person-to-Marchant/Business where e-Naira users can pay for items to merchants who have the e-Naira wallet and vice versa.

The presentation also shows how the Government Ministries, Departments and Agencies (MDAs) will be onboarded and use the e-Naira to do remittances to their staff and members of the public once there is mass adoption of the e-Naira and how citizens can make payment to MDAs using the e-Naira.

READ: How CBN’s e-Naira would affect Nigerians

Benefits of the e-Naira

Sean Stein Smith, a professor at the City University of New York, Lehman College, stated, “A CBDC issued and governed by a central bank or other governmental agency will help push the accounting and reporting conversation forward.

“Accounting might not make for splashy headlines, but in order for any crypto, and by extension blockchain, to achieve wider usage, accounting and reporting needs to be standardized.

“Looking at the tax issues linked to cryptocurrency alone highlights the need for standardized and consistent regulatory treatment that does not stifle further innovation.”

The e-Naira will also benefit as it will make governmental remittances easier. The case of the palliatives given during the lockdown last year, where many Nigerians did not receive theirs, can be solved if the government can easily remit money to its citizens. The e-Naira will also be able to better implement the CBN’s cashless policy.

Another point will be the reduction in the need for printing money in the long term. As more people adopt the CBDC as a means of payment, the need for paper currency will drop and the government can spend less on printing since they can easily issue new coins or e-Naira through the Hyperledger Fabric Blockchain. Data from the Central Bank of Nigeria‘s annual report, which was compiled by the currency operations department, shows the nation spent a total of ₦307 billion on printing banknotes between 2014 and 2019.

In addition, the cases of financial fraud can be easily tracked as the government will be able to monitor the flow of money in and around the country as it provides transparency and is difficult to counterfeit.

With the use-case explained let’s address the elephant in the room. Does Nigeria really need a CBDC?

The Nigerian banking system is one of the most sophisticated in the world and the banking system continues to advance its technological strength. In Nigeria, domestic intra bank transactions are done within seconds and at most minutes, a feat the United States was only able to achieve in 2017 through the creation of Zelle.

Before Zelle, fintech products like CashApp dominated instant transfers in the U.S. The U.S commercial banks took 2-3 days to transfer money between banks and when they realized a lot of users started adopting these fintech applications, they started integrating Zelle into their system to foster these instant payments between banks so as to meet up with the competition.

Asides from our technological strength, the average Nigerian transaction involves the use of four payment methods which are all instant; Point of Sale (POS) machine, Online Bank Transfer, USSD Code enabled transfers and fiat currency. The average Nigerian retailer accepts at least one of these payment methods when a transaction is about to take place. If the intent of the government is to reduce the use of paper money, the POS systems and online transfers can be encouraged through targeted campaigns, just like the cashless policy campaign in 2012.

Dipo Fatokun, CBN’s former Director of Banking and Payment System, defined financial inclusion as the access to financial services that are available to the adult population in any given economy. A major component of the e-Naira is the need for smartphones. This poses a problem because according to Pew Research Center, only 32% in Nigeria use smartphones. Nigeria’s population is 206 million people and this represents approximately 66 million people. Another report from the Guardian states that Nigeria has roughly 170 million mobile phone users based on subscriptions but only about 25 and 40 million users have smartphones which represent only 10-20% of the population.

Since the CBN’s mandate also includes financial inclusion, the proposed e-Naira limits the number of people within the country that can have access to a digital wallet, let alone, a CBDC.


Although one could make a case that the use of CBDC helps to better monitor illicit transactions within the country, but in the real world, a Nigerian CBDC will be too costly to implement and may be rendered useless quickly when compared to other systems that exist. The banking system is sophisticated enough to handle transactions as a means of payment. The central bank is better off spending its time and resources on pressing issues like how to combat double-digit inflation.

According to Olumide Adesina, a writer for CoinDesk, “The CBN aims for the CBDC to increase financial inclusion rapidly and easily. Creating and holding funds for citizens in a central bank account could offer better access to financial services for the unbanked or underbanked.

“However, some economists also believe the CBN can spend in deficit and shift funds directly to citizens without worrying about the national debt in times of economic hardship. In other words, a CBDC could present an obvious inflation risk.”

He further stated, “This would also enhance control over the level of access a Nigerian citizen has to a financial system, particularly if the citizen attempts to engage in behaviours considered to be a threat by the financial authority.”



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Cambodia Central Bank Launches Bakong Blockchain – Coinpedia

According to Cambodia’s central bank, the country’s blockchain-based payment infrastructure, dubbed “Bakong” by Cambodian central bankers, went online earlier this year. The launch provides residents with a state-authorized platform for performing immediate mobile payments using QR codes and cellphone numbers that connect digital wallets via a blockchain.

Bakong, built by Japanese technology company Soramitsu, is hosted in the National Bank of Cambodia via the Hyperledger Iroha blockchain.

Bakong is completely fiat-backed, ensuring that users may make payments using their dollar or riel reserves. Unlike other central banks’ digital currency (CBDC) programs, it does not use digitally native money. It is a crucial step towards modernising and de-dollarising the country’s payment system.

Interested in starting to invest in crypto? Check Bitcoin Compass!

Serey Chea, Director General of the National Bank of Cambodia, asserted boldly that Bakong’s e-payments would aid in the prevention of the spread of COVID-19 throughout the nation.

The National Bank of Cambodia’s Bakong blockchain payment system eventually went into production after a lengthy test period. It is referred to as a retail central bank digital currency (CBDC) by the central bank. It also represents tokenised commercial bank deposits in Cambodian riels or US dollars.

Cambodia has a high percentage of smartphone users; more than 100% of the population has a cellphone, indicating that some own multiple. However, just 22% of adults over the age of 15 have a bank account, and a bank account is not required to use Bakong. Instead, a wallet may be created by receiving money from another person or visiting a payment agent and exchanging cash for tokenised money.

Director-General Chea went on to say that NBC’s goals are to increase financial inclusion, security, efficiency, and the promotion of local currencies. Bakong will play a key role in bringing all users together on the same platform, making it easy for everyone to transfer money to one another. They also want to de-dollarise the economy, which is still largely reliant on the usage of the US dollar daily.

Soramitsu, the primary business behind the Hyperledger Iroha protocol, created a solution to the distributed ledger technology (DLT) on which Bakong is built, allowing each wallet to be tied to a financial institution. There are now 18 financial institutions on the list. While the central bank is in charge of the master ledger, commercial banks have nodes with duplicate copies of the essential data to ensure redundancy.

The conventional database interbank payment system in Cambodia has been replaced with Distributed Ledger Technology (DLT).

How to Register

A user must submit two items:

  • a picture ID
  • selfie

The ID is OCR-processed, and the selfie is matched to the ID’s photo.

The smartphone app is purposefully basic, with only four functions:

  • A wallet owner can transmit money to a registered user.
  • They can also transmit money by scanning the alleged receiver’s QR code.
  • They may also receive money by displaying their QR code.
  • There is also the option of transferring funds to a bank account.

Those who do not have a smartphone can transfer money using the recipient’s cellphone number. It will be challenging to establish the user’s identification if they do not have a smartphone. As a result, only little value exchanges are possible. There are no costs for transfers, and everything is finished in about 2-3 seconds.

Shin Chang Mun, President of Phnom Penh Commercial Bank, stated that Bakong would establish an economically complete ecosystem that will benefit all players in the sector.

The National Bank of Cambodia’s moonshot is Project Bakong. It has already piqued the interest of the crypto sector, which is intrigued by the prospect of central banks experimenting with virtual currencies. The blockchain-based backbone payments system has the potential to alter millions of people’s lives and serve as a model for how such a contemporary foundation may enhance life in the developing world and beyond.

Learn more about how to invest with Project Bakong or other cryptocurrencies here.


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Experts Call For Caution As CBN Plans eNaira

With an October date set for the pilot stage of the e-Naira, Central Bank of Nigeria’s planned digital currency, financial technology specialists have said the date may not be feasible even as they warn the apex bank to be cautious and not rush into it.

CBN director of information technology, Rakiya Mohammed, had at a private webinar mentioned that the pilot stage of the digital currency is expected to kickstart by October, noting that the apex bank had been conducting research sin.ce 2017 with regards to developing a digital currency.

Mohammed, who stated that CBN may conduct a proof of concept before the end of this year, said the project is tagged ‘GIANT’ and will use the Hyperledger Fabric blockchain. The Hyperledger Fabric is an opensource project that acts as a foundation for developing blockchain-based products, solutions and applications using plug-and-play components that are aimed for use within private enterprises.


Hyperledger’s executive director, Brian Behlendorf, said there had been an increase in the use of Hyperledger’s opensource blockchain technology, including Hyperledger Fabric, for Central Bank Digital Currency (CBDC) and other currency projects.

“However, since our technologies are all opensource, we often don’t know all the ways and places Hyperledger software is being used, especially prior to launch,” Behlendorf said in an email.

“If Nigeria’s digital currency project is built on Hyperledger Fabric, that would be welcome news that further validates Fabric as a CBDC platform.”

Rise of digital currencies

The proposed eNaira is a type of Central Bank Digital Currency (CBDC) which over 80 per cent of central banks across the world are currently exploring. CBDCs are new variants of central bank fiat money that are different from physical cash and reserves/settlement accounts.

LEADERSHIP Sunday learned that CBDC is a digital representation of sovereign currency that is issued by a jurisdiction’s monetary authority and a direct liability of the central bank that issued it. Contrary to some beliefs, CBDCs are not meant to replace cash and bank deposits but to coexist as additional form of Central Bank issued money.

CBDCs are also not to be confused with crypto assets such as Bitcoin, Ethereum and the like which are privately issued tokens based on cryptographic techniques and denominated in their own unit of account. Crypto assets are thus fundamentally different from other kinds of digital money such as the CBDC which basically utilizes technology to represent a country’s official currency in digital form.

The Bank of England (BOE) was the pioneer to initiate the CBDC proposal. Following that, central banks of other nations, like People’s Bank of China (PBoC), Bank of Canada (BoC), and central banks of Uruguay, Thailand, Venezuela, Sweden, and Singapore, among others, are looking into the possibility of introducing a central bank-issued digital currency.

Currently, three countries, the Bahamas, Eastern Carribean and China, have begun the use of CBDCs, while Canada, South Africa, Japan, Ecuador, Sweden, Singapore and Hong Kong are already at advanced stage. The United States, Great Britain, Jamaica, United Arab Emirates as well as Mexico are still at the research stage. The role of cash is declining, giving impetus to digital currencies.

Why we need eNaira

Founder/chief executive officer, Gboza Gbosa Technology Ltd, Ade Atobatele, who spoke to LEADERSHIP Sunday on the subject of the planned eNaira, explained that digital currencies are just like cash, only that are digitalised.

Not to be confused with cryptocurrencies, he said “the only thing they have in common is that they are digital CBN’s primary mandate is monitoring interest rates and monetary policies.

“CBDC can be a tool to help CBN’s control of the money supply. The beauty of CBN is that they are a licensing authority which means they can license people for different things. They can call upon them to do their bidding whenever they want,” he said.

Also, founder of Blockchain Mobile Technologies, Stanley Okwu, sees the CBN’s e-Naira as a welcome development. He, however, said such innovation should not be rushed as he called on the apex bank to seek assistance from both local and international experts so as not to run into it unprepared.

While noting that the digital currency would make it easier to transfer remittances into the country, lead to creation of job and allow new ways for digital services in the country, he said “digital currency, like cryptocurrency, is not built in few months.

“It takes a well- organised road map. Therefore, within this timing, CBN should seek out experts, both locally and abroad, to assist them in order to avoid running into trouble. I believe the CBN will get it right if they seek out good hands and experts to work with,” Okwu added.

Likewise, financial technology expert and chief executive of eMaginatons Ltd., Sola Fanawopo, stressed the need for caution. According to him, the apex bank must take a proper stand before it launches eNaira.

“They have to be very careful. However, we must be bold and courageous on what we want to use digital currency for. That decision must be taken and it may be contentious among the financial institutions in the country. I will expect CBN to do wide consultations among the financial institutions, banks, Fintechs, non-banking operators and everybody, including consumers. After wide consultations, CBN can take a decision and the objective can be very clear.

“The October date may not be feasible. China has been on its own for the past five years before it came to the market, so we need to plan very well before taking a decision as this will be better for the country and everybody,” Fanawopo said.

Also, the managing director, New Horizons Systems Nigeria, Tim Akano, told LEADERSHIP Sunday that the CBDC is the way futuristic countries are going; thereby CBN cannot afford to be left behind.

He urged the “CBN to begin its pilot in a certain location such as Ogun State since it has the largest number of industries and universities in the country to test the eNaira before it can be extended to other parts of the country, just like China did with Digital Yuan.”

Note of caution on CBDC

The Clearing House, the bank-owned operator of the only private United States of America payments system, in a statement issued on July 27, 2021, cautioned the Federal Reserves, the US central bank, that a CBDC could destabilise both the domestic and foreign banking and financial services sectors.

Stressing the need to proceed with caution as a CBDC could do more harm than good, the Clearing House, in a report entitled, “On the Road to a U.S. Central Bank Digital Currency: Challenges and Opportunities,” said the “introduction of a U.S. CBDC has the potential to destabilise both the domestic and foreign banking and financial services sectors, and to make illicit activity using the U.S. dollar easier.”

Executive managing director of the Clearing House, Robert Hunter, in an interview quoted by PaymentsDive, noted that while it is not opposed to the idea of a CBDC, it views the real-world possibility of a U.S. CBDC as fraught with questions about its potential purpose, design and risks.

“Particularly in times of stress, it is highly likely that there would be capital flight into a central bank digital currency,” and that could have a destabilising impact on financial institutions, he said.

Meanwhile, the CBN is looking up to the eNaira to help achieve macroeconomic management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payments efficiency, revenue and tax collection, remittances improvement as well as targeted social interventions.

With the African Continental Free Trade Area (AfCFTA), Fanawopo believes the eNaira could become a critical tool in addressing challenges faced in African trade. “We must be specific in the issues we want to use it to address, such as using it to solve the problem that is identified with physical currencies,” he said.

What CBN plans to do with eNaira

CBN director, Rakiyat Mohammed, had noted at the end of the last Bankers’ Committee meeting that the CBDC would be a tool in addressing the financial inclusion challenge of the county.

“Our target for this year was to achieve 80 per cent of financial inclusion and we are at about 60 per cent now and at the rate that we are going we are not likely to meet this target.

“The CBDC will accelerate our ability to meet this target because regardless of where you are just like the fiat cash anyone including my grandmother in the village will be able to have CBDC and use and she will be able to buy anything in Ghana or South Africa or us without having to transfer cash and at a very reduced cost. So, it will reduce the cost of transferring money. In order to complement the federal government’s effort in achieving a digital economy,” she stated.

The model of the eNaira according to the CBN is such that it designs, creates and distributes the CBDC to financial institutions as well as other licensed service providers who in turn provides it to businesses and individuals. The eNaira has the potential to reduce cash handling costs by 5-7 per cent, promote digitisation of cash and development of e-commerce

Benefits of eNaira

Speaking on the benefits of the eNaira to the Nigerian economy, Fanawopo noted that asides from strengthening the identity system in the country, a CBDC will help address the issues of cybersecurity, improve literacy level in the country, reduce the cost of transaction, thereby enabling increased confidence in the system.

He further stated that it would challenge financial institutions, including fintechs, to be more creative and innovative. This, according to him, will spur employment among the teeming tech-driven youthful population of the country.

On his part, the financial counsellor and director of the Monetary and Capital Markets Department, IMF, Tobias Adrian, said that central bankers everywhere are closely following the experience in the Bahamas, trying to discern the lessons of the actual issuance of the “Sand Dollar.”

He, however, warned that central banks should design CBDC so that they help support a stable and efficient international monetary system.

“If we design digital currencies with caution and with precision — and if we frame their adoption within legal and regulatory systems that maximise their benefits and minimise their risks — we could be on the verge of an era that fulfils the promise of transformation,” Adrian added.


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Nigeria’s Central Bank Digital Currency Pilot to Start Oct. 1

The Central Bank of Nigeria (CBN) may test a digital currency as early as October.

During a webinar on Thursday, Rakiya Mohammed, the bank’s director of information technology, said the pilot will begin Oct. 1, according to someone who took part and asked to remain anonymous because the meeting was private.

The meeting was reported earlier by Nigerian financial news publication Nairametrics. Olumide Adesina, the author of the Nairametrics article, told CoinDesk that according to his sources, Mohammed herself had called the virtual meeting to discuss the initiative.

Related: China’s Central Bank ‘Worried’ Stablecoins Pose Risk to Financial System

Last month, Mohammed said the bank had been researching a possible central bank digital currency (CBDC) for years, and would possibly be launching a pilot before the end of the year.

Financial officials in Nigeria have been grappling with how best to deal with the rise of cryptocurrencies in the African nation, which prohibited transactions on cryptocurrencies in the banking sector in February. Edward Adamu, a deputy governor of the CBN, subsequently clarified that crypto trading is not banned in the country, and usage is continuing to grow despite the banking restrictions.

A person present at the meeting who asked to remain anonymous so that he could speak freely told CoinDesk that the planned start date for the pilot had always been Oct. 1 and that the digital currency will be built on the Hyperledger Fabric blockchain.

Brian Behlendorf, Hyperledger’s executive director, told CoinDesk that there has been an increase in the use of Hyperledger’s open-source blockchain technology, including Hyperledger Fabric, for CBDCs and other currency projects.

Related: Thriving Under Pressure: Why Crypto Is Booming in Nigeria Despite the Banking Ban

“However, since our technologies are all open source, we often don’t know all the ways and places Hyperledger software is being used, especially prior to launch,” Behlendorf said in an email. “If Nigeria’s digital currency project is built on Hyperledger Fabric, that would be welcome news that further validates Fabric as a CBDC platform.”

In June, Mohammed said a digital naira could make remittance transfers easier for Nigerians working abroad. In 2020, Nigeria was one of the top remittance receivers globally. During Thursday’s private meeting, the bank reportedly said a digital currency could improve economic growth, make cross-border transactions easier and give more people access to banking services, according to Nairametrics.

CBDCs, or state-issued digital fiat currency, are often touted as a way to counter privately issued cryptocurrencies that some argue possess the potential to destabilize a nation’s sovereignty.

UPDATE (JULY 23, 12:33 UTC): Adds background, comment from Hyperledger.

UPDATE (JULY 23, 12:49 UTC): Updates source of the news.

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CBN to launch own digital currency October 1

The Central Bank of Nigeria (CBN) says it will launch the pilot scheme of its digital currency by October 1, 2021.


The resolution was made during a private webinar on Thursday in which CBN and its stakeholders outlined a digital currency initiative.

In June, the apex bank announced plans to launch its own digital currency before the close of the year.

It said about 80 percent of central banks globally are currently exploring the possibility of issuing their central bank digital currency (CBDC) and Nigeria could not be left behind.


At the end of the stakeholders meeting, Rakiya Mohammed, CBN director of information technology, explained that the apex bank had been conducting research since 2017 in regards to developing a digital currency.

Mohammed said CBN may conduct a proof of concept before the end of this year.

According to her, the project name is tagged ‘GIANT’ and it will use the Hyperledger Fabric blockchain.


The Hyperledger Fabric is an open source project that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.

CBN said the importance of its digital currency will include macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.

If the pilot scheme is eventually launched, Nigeria will join other countries across the globe and Africa racing to develop it’s CBDC.

Some of these countries include South Africa (digital Rand), Tunisia (eDinar), Ghana (e-cedi), Sweden, Japan, South Korea, and Russia.


Meanwhile China (digital yuan), Bahamas (sand dollar), Eastern Caribbean (DCash) are among the few countries that have officially launched their own national digital currency.

Earlier this year, CBN banned cryptocurrency transactions in the country and warned that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.


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Hyperledger becomes technical partner of Global CBDC Challenge

US-based Hyperledger, has announced it is a Technical Partner for the Global CBDC Challenge, launched by the Monetary Authority of Singapore (MAS).

Hyperledger is an open-source collaborative effort created to advance cross-industry blockchain technologies. The company has several technologies deployed in CBDC projects that entrants can access for this challenge.

As one of the challenge’s Technical Partners, Hyperledger will provide open-source code, technical information, and support through the global blockchain community. The Global CBDC Challenge seeks to catalyse ground-breaking retail CBDC solutions to promote financial inclusion and enable empowerment through technology. The competition is open to fintech companies, financial institutions, and solution providers around the world.

MAS, a Hyperledger associate member, launched the challenge in partnership with the Asia Development Bank, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme, and World Bank.

More: Link


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Global Blockchain Identity Softwares Market Report 2021-2026: IBM, Accenture, Kaleido …

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In this dedicated research report on global Blockchain Identity Softwares market, insightful detailing has been prioritized to lend report readers with qualitative and quantitative aspects of multiple vertices such as competition spectrum, positioning of the vendors as well as details pertaining to growth rate and trajectory, profit margin as well as other monetary policy making to harness maximum growth in global Blockchain Identity Softwares market.





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This Orbis Research report finishes with minute details on various advertising tactics, trade activities, distributor stance and elaborates references on research methodology, and internationally approved analytical methodologies that collectively influence optimistic growth route in global Blockchain Identity Softwares market.

About Manufacturers and Growing Competition

•The report shares crucial details on specific areas comprising a close analytical review of competition spectrum.

•Each of the frontline players is thoroughly identified and profiled in the report, followed by a systematic profiling of their product portfolio as well as company status and portfolio against neck deep competition in the Blockchain Identity Softwares market.

•Further, the report also considers various growth nurturing practices and tactical business decisions undertaken by the profiled frontline players to secure seamless stance in the Blockchain Identity Softwares market despite sharp competition.

•The report is a complete representation of all the major initiatives initiated by various market players across diverse geographical hubs and their consequent implications upon consumer preferences and behavior.

•The report also enumerates various short- and long-term goals of the key players.

5-Pointer Guide for Report Investment

•Finest management of business events

•Reassure mindful business reserves and other crucial business choices

•Helps readers in tracking the most current developments in the market and their impact in harnessing growth and revenue

•Aids manufacturer business discretion favoring profit driven R&D investments

•This report aims to holistically depict and classify the Blockchain Identity Softwares market for unrivaled reader understanding

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