Nigerian Seeks New CBDC Tech Partner
According to a report, the Central Bank of Nigeria (CBN) is looking to install a new system to run its central bank digital currency (CBDC) and is currently in talks with potential technology partners. According to a report, the central bank is eager to develop digital currency technology that will give it greater control over the CBDC.
R3, a provider of enterprise technology and services, is one of the prospective partners who has reportedly discussed deploying a different technology for the e-naira. According to the report, the CBN’s chosen partner is not expected to immediately replace the central bank’s initial technology partner, Bitt Inc. Instead, the central bank hopes that the new partnership will help it achieve its goal of controlling the CBDC’s underlying technology.
While no official comment concerning the CBN’s plans has been given, Bitt Inc reportedly acknowledged that the Nigerian central bank “works with various service providers to explore technical innovations for their digital infrastructure.” Despite this, the Barbados-based technology firm said it still works closely with the CBN and is “currently developing additional features and enhancements.”
(With inputs from Shikha Singh)
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