CBN, she claims, has been researching digital currency technology for more than two years and has made significant progress.
“By the end of the year, the Central Bank will make a special announcement and maybe launch a pilot plan to be able to distribute this type of cash to the public,” she said.
When the currency is fully operating, Mohammed says it would be a complement to cash notes.
She went on to say that the CBN's contemplation and deployment of digital currency is motivated by the desire to make remittances from overseas to Nigeria easier.
According to the expert, digital currency will help people achieve their goals faster, regardless of where they live.
CBN will also be studying other technology possibilities and engaging other industry stakeholders before going to the next level of proof of concept to pilot the plan, according to Mohammed.
El Salvador became the first country to accept Bitcoin as legal tender, making it the first country to do so.
It was also reported that late Tuesday, MPs in the Central American nation's Congress passed a bill allowing the notoriously volatile digital currency to be used for a variety of purposes, including property purchases and tax payments.
Content created and supplied by: Greatwriter01 (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More