President of Nigeria: The digital naira will increase the country's GDP by $29 billion – Bits Media

Nigerian President Muhammadu Buhari believes, that the country’s state cryptocurrency eNaira will increase the state’s GDP by $29 billion in the coming 10 years old.

Muhammadu Buhari (Muhammadu Buhari) said, which places great hopes on eNaira to improve the economic situation in the country. He noted, that the state digital currency will help bring businesses and entrepreneurs out of the “gray” zone.

"According to some estimates, the implementation of a state-owned cryptocurrency and its underlying blockchain technology could increase Nigeria's GDP by $29 billion in the coming 10 years old", He said.

Recall, that eNaira has been officially launched 25 October. According to Buhari, state cryptocurrency can improve the efficiency of money transfers, stimulate international trade, improve access to financial services and make the country's monetary policy more effective.

Central Bank of Nigeria (CBN) began exploring the possibility of issuing digital naira back in 2017 year. In August, the CBN presented preliminary guidelines for the issuance of state-owned cryptocurrency and options for its use, and last month the Nigerian government launched a website to test the digital naira and digital wallet.