HyperBC Supports Nigeria’s Digital Transformation with CBDC eNaira
Crypto asset custodian HyperBC has announced that it will support Nigeria’s central bank digital currency (CBDC), the eNaira. The CBDC, developed by the Central Bank of Nigeria (CBN), will be the first of its kind in Africa and is designed to help improve financial inclusion and reduce the country’s reliance on cash.
To that end, they have drastically reduced the cap on ATM withdrawals in order to push individuals and businesses to adopt the eNaira instead of using cash. The CBN said the eNaira will be more secure and efficient than cash, and will help reduce the risk of fraud and other financial crimes. It will also make it easier for consumers and businesses to access financial services, and will support the growth of the Nigerian economy.
The new policy has generated some controversy, with some critics arguing that it will disproportionately affect low-income households and businesses that rely on cash for their daily transactions. However, the CBN said it is committed to supporting these groups and will provide assistance and guidance to help them transition to the eNaira.
Overall, the decision to limit ATM withdrawals is a bold move by the CBN, and is likely to have a significant impact on the use of cash in Nigeria. It is an important step in the adoption of the eNaira, and will help drive the growth and development of the Nigerian economy.
HyperBC are excited to support the CBDC and help advance the adoption of digital currencies in Nigeria. We believe that CBDCs have the potential to transform the financial industry, and we are proud to be a part of this important initiative in Nigeria.
The CBDC is currently available to all Nigerian citizens and businesses, and is backed by the CBN. It will be accessible through a range of digital platforms, including mobile phones and online portals, and will be fully integrated with the country’s existing financial infrastructure.
HyperBC will provide secure storage and custody services for the CBDC, ensuring that it is protected from theft and other security threats. The company will also offer support and guidance to Nigerian consumers and businesses who want to use the CBDC for their transactions and payments.
The launch of the CBDC in Nigeria is an important milestone for the country and for the broader crypto industry. It marks a significant step forward in the adoption of digital currencies, and will help bring the benefits of blockchain technology to a wider audience. HyperBC is proud to be a part of this important initiative, and looks forward to supporting the CBDC as it becomes available to Nigerian citizens and businesses.
HyperBC uses cutting-edge technology to protect its customers’ assets. The company’s security system includes the use of trusted execution environments (TEEs), multiparty computation (MPC), and Intel Software Guard Extensions (SGX) chips, which provide a highly secure and tamper-proof environment for storing and managing assets.