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Nigerian Central Bank Says It Is Now Ready to Launch CBDC, Downplays Previous Failure

After failing to roll out its CBDC on October 1, the Central Bank of Nigeria (CBN) has released a document in which it reiterates its commitment to launching the e-naira. In fact, in this document titled The Design Paper for the E-naira, the CBN says it is now ready to launch Nigeria’s CBDC.

CBN Prioritizes Robust Ecosystems

However, in the same document, the central bank appears to downplay the implications of failing to launch as planned. Instead, the CBN attempts to highlight the importance of getting things right the first time and how this guarantees the digital currency’s success in the long term. The document explains the CBN’s position:

While the launch of the e-naira is an important event, it is one milestone on a long journey. The e-naira is a process, not a single step. Over time, the CBN believes the robust ecosystems that will be built on the e-naira platform will ensure Nigeria and Nigerians receive all the benefits from the e-naira.

E-Naira Roadmap

Instead of putting its entire focus on launching the e-naira on time, the CBN says it has spent time working on the e-naira design and architecture. It has also prioritized sharing with prospective e-naira users the digital currency’s functionalities, the risks of the e-naira and how they will be mitigated, and the e-naira implementation roadmap.

According to the central bank, it is these critical details that should give comfort to Nigerians that the e-naira, which will be available to offline users, has been well-conceived and the launch has been robustly planned.

What are your thoughts about this story? You can share your views in the comments section below.

Square Rebrands To Block

Just days after Jack Dorsey resigned from Twitter, Square is now Block. Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y — Block (@blocks) December 1, 2021 Square just announced via press release that it is::Listen

Just days after Jack Dorsey resigned from Twitter, Square is now Block.

Square just announced via press release that it is rebranding to Block. This comes just days after famed Bitcoin bull Jack Dorsey announced he’s leaving Twitter. The newly rechristened company is self-described as, “an overarching ecosystem of many businesses united by their purpose of economic empowerment…”

Recommended: Jack Dorsey to Launch a DeFi Product on Bitcoin on November 19th

Square

  • The Square name will still be used for their payment processing company. The company now falls under the Block umbrella alongside the music streamer Tidal, mobile payments Cash App, and recently announced Bitcoin DEX tbDEX.
  • “We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of the newly rebranded company.
  • The “economic empowerment” company addressed the elephant in the room re: the name sounds like an obvious crypto reference. Block said via Twitter that the new name, “references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code…” Oh, I get. EVERYTHING IS A BUILDING BLOCK. So deep.
  • In honour of the name change, Square’s little used music streaming service put together a playlist.

Update: 9:50pm EST

BlockFi decided to get in on the hijinx thanks to a tweet from an anchor on Yahoo Finance.

“And we are now SquareFi. Effective immediately,” BlockFi responded via Twitter. It’s obviously a joke. Thankfully the sometimes tone-deaf Twitter didn’t get Rickrolled.

 

The post Square Rebrands To Block appeared first on CryptosRus.

Nigerian Central Bank Says It Is Now Ready to Launch CBDC, Downplays Previous Failure

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