Africa’s Largest Economy Goes Digital, after Nigeria’s Clampdown on Crypto – to increase TAX BASE
10/26/2021- 10:20 a.m.
Africa’s Largest Economy Goes Digital, after Nigeria’s Clampdown on Crypto – to increase TAX BASE
Nigeria has launched the new digital eNaira, becoming the first sub-Saharan African nation to go with a digital currency – joining the likes of China in piloting a regulated electronic tender.
Citizens in Africa’s most populous country have looked to crypto to avoid a weakening currency.
Five countries have already launched CBDCs, with another 14 including Sweden and South Korea in the pilot stage. (Atlantic Council)
Earlier this year, Nigeria ordered banks to shutdown accounts involved in crypto transactions but it’s claimed many still use it from transactions abroad.
