For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC).
On October 1, CBN will reportedly launch a pilot scheme for “GIANT” – a CBDC project in development since 2017, which runs on the open-source blockchain Hyperledger Fabric.