{"id":137314,"date":"2021-08-31T10:21:23","date_gmt":"2021-08-31T10:21:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=137314"},"modified":"2021-08-31T10:21:23","modified_gmt":"2021-08-31T10:21:23","slug":"nigerias-central-bank-partners-with-fintech-firm-bitt-inc-for-cbdc-rollout","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/nigerias-central-bank-partners-with-fintech-firm-bitt-inc-for-cbdc-rollout\/","title":{"rendered":"Nigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout"},"content":{"rendered":"

Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency.<\/p>\n

In a Monday announcement, the Central Bank of Nigeria (CBN)\u00a0said it had chosen Bitt Inc based on the company\u2019s \u201ctechnological competence, efficiency, platform security, interoperability and implementation experience.\u201d It also considered the fintech firm\u2019s experience in the development of the Eastern Caribbean Central Bank\u2019s digital currency, DCash, which it launched in April. <\/p>\n

The partnership announcement comes the same day the CBN issued preliminary guidelines for its central bank digital currency, or CBDC, called the e-naira. The initiative from Nigeria\u2019s central bank, called Project Giant, will be pegged to the value of the country\u2019s fiat currency, the naira. The CBN reportedly plans to pilot the CBDC starting in October, though the central bank in nearby Ghana is also considering a digital currency rollout soon.<\/p>\n

Related: <\/em><\/strong>Nigeria\u2019s SEC says central bank\u2019s crypto ban disrupted the market<\/em><\/strong><\/p>\n

In February, the Central Bank of Nigeria prohibited commercial banks from providing account services to crypto exchanges. However, reports indicate that interest in cryptocurrency and trading volume in the country is still rising despite the crackdown.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Barbados-based fintech firm Bitt Inc will be<\/p>\n","protected":false},"author":3,"featured_media":137313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/nigerias-central-bank-partners-with-fintech-firm-bitt-inc-for-cbdc-rollout\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Barbados-based fintech firm Bitt Inc will be\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/nigerias-central-bank-partners-with-fintech-firm-bitt-inc-for-cbdc-rollout\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-31T10:21:23+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/08\/Nigerias-central-bank-partners-with-fintech-firm-Bitt-Inc-for-CBDC-rollout.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/nigerias-central-bank-partners-with-fintech-firm-bitt-inc-for-cbdc-rollout\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/nigerias-central-bank-partners-with-fintech-firm-bitt-inc-for-cbdc-rollout\/\",\"name\":\"Nigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout - 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