The Central Bank of Nigeria (CBN) officially announced it would try it central bank digital currency (CBDC) in the Hyperledger Fabric block chain on October 1st.

Rakiya Mohammed, Chief Information Officer of the Central Bank of Nigeria, stated webinar that it is possible to complete the corresponding concept certificate (POC) by the end of this year at the latest.

According to reports, this project “GIANT” operates in Hyperledger Fabric chains, dedicated to providing blockchain-based products, solutions and applications to private companies.

The Central Bank of Nigeria reported that about 80% central banks worldwide issue CBDCs or have already issued CBDCs, including Thailand, China, United States, South Korea, Ghana, Philippines, etc.

Central Bank of Nigeria also noted that Nigeria must also join the CBDC line to facilitate the country’s macro-prudential oversight and cross-border trade.

In the past, Nigeria has always held a hostile attitude towards cryptocurrencies. Like reported by Blockchain. news on February 8 this year, The Central Bank of Nigeria (CBN) has redoubled its efforts to conceal cryptocurrency transactions in the country, stating that they are a breeding ground for illegal activities.

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