Cryptocurrency – Africa Tech Digest

eNaira: How much control does a private blockchain give the CBN?

6Oct

By Africa Tech DigestNo Comments

Cryptocurrency

eNaira: How much control does a private blockchain give the CBN?

On Thursday, July 22, 2021, the Central Bank of Nigeria (CBN) revealed that the pilot scheme of its digital currency — eNaira — will launch on October 1, 2021. However, due to reasons ranging from a clash with Independence Day activities to the ill-preparedness of commercial banks, the much-anticipated launch was postponed While addressing the postponement, CBN’s Director of Communications, Osita Nwasinobi, again recited some benefits of the eNaira — peer-to-peer transactions, reduction of cash use, and financial inclusion. While the eNaira has its benefits, concerns have been pointed out regarding transparency and how it could aid illegal financial practices by those in control. Continue reading Image: Techpoint

eNaira: Five things Nigerians can do on the new website

1Oct

By Africa Tech DigestNo Comments

Cryptocurrency, Nigeria

eNaira: Five things Nigerians can do on the new website

The website of Nigeria’s official digital currency, eNaira, went live on Monday, four days before its planned launch on October 1, as disclosed by Central Bank governor, Godwin Emefiele. Developed by Barbados-based fintech company Bitt Inc., eNaira is a legal tender just like the naira. According to the apex bank, it must be accepted by all merchants and business outlets as a form of payment in Nigeria. A welcome note on the website describes the eNaira as a “Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.” The website is a central repository where users can find comprehensive information about the official digital currency, but it offers much more than just details of the eNaira. TechCabal reviewed the website and here a...

Nigeria’s Central Bank Launches eNaira Website

30Sep

By Africa Tech DigestNo Comments

Cryptocurrency, Nigeria

Nigeria’s Central Bank Launches eNaira Website

The Central Bank of Nigeria (CBN) has officially launched its Central Bank Digital Currency (CBDC) website for the eNaira. Last month, the CBN announced that it was working with Barbados-based fintech firm Bitt Inc as a technical partner to launch the West African country’s own digital coin. The eNaira is set to launch in October. Godwin Emefiele, the CBN’s Governor, has said that the eNaira would operate as a wallet against which customers can hold existing funds within their bank accounts. According to the CBN, the eNaira is expected to become a legal tender for all of Nigeria and is set to be accessible to both bank account and non-account holders. It will be accepted by all merchants and business outlets in the country. Continue reading Image: Techgist Africa

Nigeria Prepares to Launch Own Cryptocurrency – “eNaira”

31Aug

By Africa Tech DigestNo Comments

Cryptocurrency, ecommerce, Fintech, Nigeria

Nigeria Prepares to Launch Own Cryptocurrency – “eNaira”

Nigeria is working with fintech Bitt Inc as a technical partner to launch the country’s own cryptocurrency – the eNaira – according to the Central Bank of Nigeria (CBN). The Barbados-based Bitt Inc earlier in 2021 led the development of the Eastern Caribbean Currency Union’s ‘DCash’ – the first digital cash issued by a currency union central bank. Reuters writes that the CBN plans to launch the digital currency in October after the country barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies at the beginning of the year in February. Godwin Emefiele, the CBN’s Governor, has said that the eNaira would operate as a wallet against which customers can hold existing funds within their bank accounts. In a statement on Monday, Emefi...

Crypto hacker offered reward after $600m heist

15Aug

By Africa Tech DigestNo Comments

Cryptocurrency, Cybersecurity

Crypto hacker offered reward after $600m heist

A hacker who stole just over $600m (£433m) worth of cryptocurrency was offered $500,000 and immunity as a reward for returning the money. Poly Network made the controversial offer after the hacker pledged to send back the money. The attack was uncovered on Tuesday when Poly Network publicly pleaded with the hacker to help. One former FBI official said "private companies have no authority to promise immunity from criminal prosecution". The attack is one of the largest hacking heists in history. Poly Network said the person had exploited a vulnerability in its system. Most of the money has now been given back, although the hacker says they are not interested in the reward. Continue reading (Image Credits: Unsplash)

Hackers steal $600m in major cryptocurrency heist

12Aug

By Africa Tech DigestNo Comments

Cryptocurrency

Hackers steal $600m in major cryptocurrency heist

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever. Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether. In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets". Hours after the hack, the attacker started returning the funds - first in small amounts and then in millions. They started sending back small transfers totalling a few dollars to the online wallets controlled by Poly - but then began making much larger deposits, totalling hundreds of millions. Continue reading (Image Credits: Unsplash)

4Jun

By Africa Tech DigestNo Comments

Cryptocurrency, Southern Africa

Malawi warns against cryptocurrencies

A statement issued by the Reserve Bank of Malawi (RBM) has warned people in the country that cryptocurrencies are not to be used as legal tender for goods and services in the same way they would use the country's currency, the Malawi Kwacha. This comes as more and more people in Malawi have been enquiring about using cryptocurrencies, especially Bitcoin, as a form of payment or receiving payments. The statement was issued by RBM Governor, Dr. Dalitso Kabambe, who also added that RBM had noted with concern increased public interest in cryptocurrencies as observed through the growing number of enquiries on the subject received from the general public and other stakeholders. “Reserve Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal t...