The Nigeria Apex bank - the Central Bank of Nigeria (CBN) has announced plans to launch a digital currency called eNaira or Central Bank Digital Currency (CBDC) by October 1, 2021. The digital currency will be operated on the Hyperledger Fabric Blockchain which is an open source project that serves as a foundation for developing blockchain-based products, solutions and applications. It uses plug-and-play components that are aimed for use within private enterprises. Is CBDC similar to popular Cyrptos Such as Bitcoin? The answer is no, they are different in many ways: CBN can approve or override CBDC transactions since it is in control of the infrastructure, it a direct liability of the central bank and serves as the issuing authority. In contrast, crypto is private money with no central authority. The CBDC will be backed by law to become a legal tender, whereas the cryptos are not legal tender. Unlike cryptos that operate via blockchain networks in a decentralized way, a CBDC is a state
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