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The Central Bank of Nigeria (CBN) Will Launch the Pilot Scheme of CBDC

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Bitcoin seems to have picked up some positive upward momentum over 2 days, currently showing weekly gains and trading at $33,700. However, it has reached an ascending resistance zone that possibly causes a short-term rejection prior to the continuation of the upward move. Technical indicators look somehow bullish, while the nearest resistance level is at $36,000. 

It is still unclear whether BTC will recover to its peak level of $64,000 in the near future. Continuing global bans on cryptocurrency mining operations and trading worldwide could add greater levels of instability to the market. Therefore, it’s also possible that BTC will get suppressed and decrease quickly at any sensitive moment.

Today’s Headline

The Central Bank of Nigeria (CBN) submitted its Central Bank Digital Currency (CBDC) initiative to stakeholders yesterday. CBN revealed it will start the pilot project of CBN’s Central Bank Digital Currency (CBDC) on 1st October. CBDCs, or state-issued digital fiat currency, are often stated as a way to replace privately launched cryptocurrencies. 

However, some argue the potential to destabilize a nation’s sovereignty. The bank will conduct a proof-of-concept before the end of 2021. CBN emphasized that the institution should not be left behind while the majority of global central banks make progress in their own CBDC test and development.