bitcoin price update, crypto price analysis , crypto news update, cryptocurrency news, crypto market news update
Key Takeaways
- Nigeria's cash shortage has led to a surge in adoption of the eNaira, the country's in-house central bank digital currency
- The value of eNaira transactions has increased by 63%, with the total number of #CBDC wallets growing more than 12 times since October 2022
- MetaMask's MoonPay integration allows Nigerians to easily and securely purchase #cryptocurrency via bank transfers, making it more accessible and user-friendly
Nigeria has recently implemented a Central Bank Digital Currency (CBDC) to address the issue of cash shortages. The country has introduced MoonPay integration to facilitate digital transactions.
This adoption has been further boosted by eNaira payouts in government initiatives and social schemes. To compensate for the decline in circulating cash supply resulting from the demonetization policy, Nigeria has minted over 10 billion nairas in CBDC. CBDCs offer a solution to the challenges posed by the fiat economy, including reducing operating costs and strengthening anti-money laundering initiatives.
This new feature is now accessible through the #MetaMask mobile and Portfolio DApp, streamlining the process of purchasing #cryptocurrency in Nigeria and eliminating the need for credit or debit cards. Users can easily and securely buy cryptocurrency through their mobile devices, making it more accessible and user-friendly for individuals in Nigeria.
Overall, the adoption of CBDCs in Nigeria has proven to be a viable solution to the challenges posed by the fiat economy, and the eNaira has emerged as the preferred electronic payment channel. The integration of MoonPay with #MetaMask is a significant step forward in the world of digital currency, further making it accessible and user-friendly for individuals in Nigeria. With these advancements, Nigeria is well on its way to achieving financial inclusion and executing social interventions.
Also, read - Magic Eden Launches Fully Audited Bitcoin Ordinal Marketplace for Traders