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Officials said the CBN may create a digital currency before the end of 2021.

Rakiyat Mohammed, a CBN Information Technology Specialist, said this during a news briefing following the Bankers Committee meeting in Lagos.

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 )

Bankers Committee CBN Central Bank Rakiyat Mohammed

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