The Central Bank of Nigeria (CBN) will start a pilot program using the Hyperledger Fabric blockchain on October 1 for its central bank digital currency (CBDC).
In a webinar, Rakiya Mohammed, Director of Information Technology at the Bank of Nigeria, claimed that a comparable proof of concept (POC) might be conducted by the end of this year at the latest.
According to sources, the “GIANT” project would run on the Hyperledger Fabric blockchain and will be focused on offering blockchain-based goods, solutions, and applications to private enterprises.
According to the Central Bank of Nigeria, over 80% of central banks worldwide, including Thailand, China, the United States, South Korea, Ghana, and the Philippines, are issuing or have previously released CBDCs.
Nigeria’s Central Bank has also indicated that the country needs to join the CBDC track to improve macro-control and cross-border trade facilitation.
Nigeria has long had a hostile stance toward cryptocurrencies, dating back to the early 2000s. The Central Bank of Nigeria (CBN). On February 8, this year has increased its attempts to cripple cryptocurrency transactions in the nation, claiming that they constitute a breeding ground for illicit activity.