Connect with us

World News

Nigeria becomes the first country in Africa to roll out Digital Currency

Avatar photo

Published

on

The Central Bank of Nigeria joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system.

“Nigeria has become the first country in Africa, and one of the first in the world to introduce a digital currency to her citizens,” President Muhammadu Buhari said in televised speech at the launch in Abuja, the capital. “The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria’s gross domestic product by $29 billion over the next 10 years.”

The International Monetary Fund projects GDP for Africa’s largest economy to be $480 billion in 2021.

The issuance of the digital currency, called the eNaira, comes after the central bank earlier in February outlawed banks and financial institutions from transacting or operating in cryptocurrencies as they posed a threat to the financial system.

Since the launch of the eNaira platform, it’s received more than 2.5 million daily visits, with 33 banks integrated on the platform, 500 million c ($1.2 million) successfully minted and more than 2,000 customers onboarded, central bank Governor Godwin Emefiele said at the launch.

Central bank digital currencies, or CBDCs, are national currency — unlike their crypto counterparts, such as Bitcoin and Ethereum, which are prized, in part, because they are not tied to fiat currency. The eNaira will complement the physical naira, which has weakened 5.6% this year despite the central bank’s efforts to stabilize the currency.

“The eNaira and the physical naira will have the same value and will always exchange at one naira to one eNaira,” Emefiele said.

The digital currency is expected to boost cross-border trade and financial inclusion, make transactions more efficient as well as improve monetary policy, according to the central bank.

“Alongside digital innovations, CBDCs can foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective,” Buhari said. Digital money can also “help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country,” he said.

The Central Bank of Nigeria in August selected Bitt Inc. as a technical partner to help create the currency that was initially due to be introduced on Oct. 1.

Nigeria joins the Bahamas and the Eastern Caribbean Central Bank in being among the first jurisdictions in the world to roll out national digital currencies. China launched a pilot version of its “digital renminbi” earlier this year. In Africa, nations from Ghana to South Africa are testing digital forms of their legal tender to allow for faster and cheaper money transactions, without losing control over their monetary systems.

Continue Reading
Comments

World News

Europe accuses US of ‘profiting from war’

Avatar photo

Published

on

Top European officials are furious with Joe Biden’s administration and now accuse the Americans of making a fortune from the war, while EU countries suffer. “The fact is, if you look at it soberly, the country that is most profiting from this war is the U.S. because they are selling more gas and at higher prices, and because they are selling more weapons,” one senior official told POLITICO.

Washington announced a $369 billion industrial subsidy scheme to support green industries under the Inflation Reduction Act that Brussels went into full-blown panic mode. “The Inflation Reduction Act has changed everything,” one EU diplomat said. “Is Washington still our ally or not?”

“We are really at a historic juncture,” the senior EU official said, arguing that the double hit of trade disruption from U.S. subsidies and high energy prices risks turning public opinion against both the war effort and the transatlantic alliance. “America needs to realize that public opinion is shifting in many EU countries.”

The biggest point of tension in recent weeks has been Biden’s green subsidies and taxes that Brussels says unfairly tilt trade away from the EU and threaten to destroy European industries. Despite formal objections from Europe, Washington has so far shown no sign of backing down.

As they attempt to reduce their reliance on Russian energy, EU countries are turning to gas from the U.S. instead — but the price Europeans pay is almost four times as high as the same fuel costs in America. Then there’s the likely surge in orders for American-made military kit as European armies run short after sending weapons to Ukraine.

Officials on both sides of the Atlantic recognize the risks that the increasingly toxic atmosphere will have for the Western alliance.

“The U.S. is following a domestic agenda, which is regrettably protectionist and discriminates against U.S. allies,” said Tonino Picula, the European Parliament’s lead person on the transatlantic relationship.

Cheaper energy has quickly become a huge competitive advantage for American companies, too. Businesses are planning new investments in the U.S. or even relocating their existing businesses away from Europe to American factories. Just this week, chemical multinational Solvay announced t is choosing the U.S. over Europe for new investments, in the latest of a series of similar announcements from key EU industrial giants.

International Affairs

Continue Reading

World News

American view: ‘Putting an end to Volodymyr Zelensky’s follies!’

Avatar photo

Published

on

“Zelensky comes out of the process smelling really bad as he has worked assiduously at blaming Russia, which clearly is not true,” – writes Philip Giraldi from Ron Paul Institute.

One week ago, he reminds, the Ukrainian government may have deliberately attacked neighbor Poland in an attempt to draw the NATO alliance into its war with Russia. The incident involved a missile that hit a grain processing site inside Poland and killed two farmers.

Ukrainian President Volodymyr Zelensky immediately blamed Russia for the incident even though he surely must have known that the missile had been fired from Ukraine, meaning that he may have been using a so-called “false flag” to create a false narrative of what had occurred.

Given the fact that Zelensky has been saying and doing everything possible to draw the US and NATO into fighting Russia on his behalf, I believe that the missile strike was quite plausibly a deliberate “false flag” attempt to start a much broader war.

That such a war could easily turn nuclear reveals just how reckless Zelensky can be. One NATO country foreign diplomat based in Kiev told “The Financial Times”, that “This is getting ridiculous. The Ukrainians are destroying [our] confidence in them. Nobody is blaming Ukraine and they are openly lying. This is more destructive than the missile.”

There has been considerable speculation that the unregulated and unmonitored flow of billions of dollars of US taxpayer provided money through Ukraine’s notoriously corrupt government provided a perfect mechanism for large scale money laundering.

Even assuming that the Ukrainian missile strike on Poland was due to some malfunction, Zelensky comes out of the process smelling really bad as he has worked assiduously at blaming Russia, which clearly is not true.

He is using his contrived narrative to dramatically expand the war by creating a situation which would bring NATO directly into the conflict and which could easily go nuclear.

Indeed, he is attempting to compel NATO participation.

Beyond that, the US and NATO, burdened with such an “ally,” should take immediate steps to disengage from supporting the fighting and call for a negotiated settlement of the conflict.

To be sure, Zelensky is capable of anything and no lie is too mendacious for the former comedy actor who is now basking in the glow of his celebrity, writes Philip Giraldi.

International Affairs

Continue Reading

World News

Iran’s Parliament approves bill on accession to SCO

Avatar photo

Published

on

Iran’s Parliament has approved by a majority vote a bill on the Islamic republic’s accession to the Shanghai Cooperation Organization (SCO), according TASS information.

205 parliamentarians voted for the bill, 3 voted against and 4 abstained.

On September 30, Iranian President Ebrahim Raisi signed a bill on the country’s accession to the Shanghai Cooperation Organization. According to the Young Journalists Club news agency, Raisi sent the bill to the country’s parliament for consideration.

Iran signed a memorandum on liabilities for joining the Organization.

The Organization’s summit in Uzbekistan on September 15-16 launched the procedure of admitting Belarus as a full-fledged member.

Egypt and Qatar were granted a dialogue partner status, while Bahrain, Kuwait, the Maldives, Myanmar, and Saudi Arabia began the procedure for obtaining this status.

Continue Reading

Publications

Latest

Trending