Page 111 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd
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BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
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As a result, 20 percent of the population is estimated to not
have a bank account. It is estimated that the Sand Dollar
can help improve financial inclusion and strengthen
security against money laundering and illicit economic
activities.
Nigeria Nigeria became the first country in Africa to launch a
CBDC last October. The eNaira is stored in a digital wallet
and can be used for contactless in-store payments, as well
as for transferring money.
By the end of January 2021, the eNaira wallet had received
almost 7,00,000 downloads.
Nigeria’s population is around 219 million. According to
the Nigerian media outlet Stears Business, 90 percent of
Nigerians have mobile phones, but only 10-20 percent use
a smartphone, which is needed to use the eNaira.
To access the eNaira, the user must also have a National
Identification Number (NIN). This has led to criticism.
Supporters of CBDCs said that they are to reach out to
the population who doesn’t have any bank account. But,
knockers say there will be a similarity or overlay between
people who are not having bank accounts and people who
are not having a NIN or smartphone.
Eastern Caribbean Cur-
rency Union
Nearly there are 7 countries
involved Grenada, Antigua,
Barbuda Dominica,
Montserrat, St. Kitts, Nevis, In the Eastern Caribbean Union some countries created
Saint Lucia, and St. Vincent their form of Digital Currency they intended to help
and the Grenadines. The fast transactions and they wish to serve people who are
only country in the union without bank accounts.
which opted out in Anguilla “DCash” is the first such blockchain-based currency that
was the. can be implemented by any of the world’s currency unions,
with the help of some individual nations which are having
some similar existing systems, this was illustrated by The
Eastern Caribbean Central Bank.
The Institute Of Cost Accountants Of India
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