By: Mustapha Bello 07:11 09/29/2021
La Plage Services, the fastest growing educational services provider in Africa, have become the first company in Nigeria to openly embrace the acceptance of E-Naira come October 1, 2021. This was made known by the Managing Director, Osaze Joshua Obaseki-Osemwegie in a key note address with local international students. He noted that it was time for Nigerians to embrace digital currencies and modernize the way we do things. He promised LPS will provide more contents for Nigerian and international students.
La Plage Services provides a platform for students worldwide to learn from the comfort of their rooms and offices. It recently launched a free online course titled HOW TO START AND MANAGE A COOPERATIVE, this can be accessed with this link: https://www.laplageservices.com/cooperative-training
What you need to know about digital currency
Digital currency is any type of money or electronic asset that is primarily managed and exchanged over the internet. There are various types of digital currencies, such as Ethereum, Bitcoin, and virtual currencies. Its decentralized nature and its ability to be recorded in a distributed database allow it to be used in transactions.
Unlike fiat currencies, digital currencies do not have a physical form. Instead, they are digital tokens that can be used to perform transactions over the internet. They are not considered a legal tender.
Digital versus virtual currency.
A virtual currency is an unregulated digital money that is issued and used by its developers. It has been defined by the European Central Bank in 2012 as a type of digital money that is accepted and operated by its developers. The US Treasury Department in 2013 also defined it as a medium of exchange that operates similarly to a currency.
In 2015, the European Central Bank stated that virtual currency is not a form of payment that is issued by a central bank or a credit institution. Instead, it can be used as an alternative form of payment.
According to a report released in 2015, digital currencies are assets that can be used to purchase goods and services. They can be denominated to a government or issued by an issuer. However, unlike fiat currencies, digital money is not a virtual currency. Bitcoin is a type of virtual currency that is based on a decentralized network.
Digital versus cryptocurrency
Cryptocurrency is a type of digital currency that uses cryptography to secure transactions. Its decentralized nature enables it to be used as a payment method and transfer digital assets. A proof-of-work scheme is commonly used to create and manage such currencies.
Digital versus traditional currency
Most of the money supply is held on computers. Some are considered digital currencies, though they are not presented as such to us.
Adoption by governments
In 2016, over 24 countries have invested in distributed ledger technologies. Over 90 central banks are also engaged in discussions related to the use of DLT.
The Octopus card system was launched in 1997 in Hong Kong. It is the most successful and mature system of its kind in the world. Out of the 25 percent of transactions that are unrelated to transit, 25 percent are accepted by over 160 merchants.
London Transport's Oyster card system is a smartcard that can be used to travel across London's public transport network. It is also used to pay for tickets and other purchases.
Japan's FeliCa is a smart card that can be used in various ways, such as public transportation and e-money.
The Netherlands' Chipknip was an electronic cash system that was used in the country. All ATM cards issued by Dutch banks were compatible with this system. However, as of January 2015, it is no longer possible to use or pay for these cards.
Belgium's Proton was an electronic purse system that was introduced in 1995.
All you need to know about the e-Naira set to launch October 1
The Central Bank of Nigeria is set to launch its eNaira on October 1.
What is the e-Naira?
The e-Naira is a digital token that will be a complementary legal tender in Nigeria, and has the same exchange value as the Naira. Its value will maintain a parity of value.
Is the e-Naira a Stablecoin?
A stable coin is a cryptocurrency that is backed by reserves. Its value is tied to a fiat currency and is not backed by any commodity. Like fiat money, a stable coin is backed by reserves.
How safe is the e-Naira?
The eNaira is a proof-of-work token that is built on the blockchain. Its authenticity is achieved by ensuring that all eNaira holders are legitimate. This method eliminates the need for phone credits.
How will I get the e-Naira?
The e-Naira will be issued to financial institutions like banks, after which they will retail it to their customers. If your transaction value is less than N50,000, you do not need a bank account to receive the e-Naira.
Why should I use the e-Naira?
The eNaira is a low-cost alternative to FIAT. Its daily transfers are free and are not required to be paid for by the account holder.
How will dollar remittance to e-Naira work?
The Central Bank of Nigeria has introduced e-Naira as a way to enable people send money to Nigeria. Its integration into the CBN's forex process will make it easier for people to receive remittances from abroad.
What about inflation?
The concept of inflation is that it is too much cash to chase too few goods. In most cases, it is possible to round up the prices of goods and services to match the available notes. This artificial rise in prices leads to a price hike.
The e-Naira can be the ECOWAS currency
The e-Naira can be used by both parties to settle their import bills. It is a secure and quick way to transfer money between different financial institutions.
The e-Naira helps the financially excluded
The e-Naira will enable unbanked individuals in the country to conduct transactions in the formal financial economy. This will also benefit the unbanked individuals who rely on their phones to make payments.
What are the risks?
The e-Naira is secure. Its data is also available online, which means that it is less prone to exploitation. Also, its processing is top-notch.
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