Nigerians are increasingly using digital currency for transactions due to banknote storage, driving e-Naira’s adoption months after its debut.

According to recent reports, eNaira transactions increased by 63% in 2023 to 22 billion naira (~$47.7 million).

e-Naira Gets a Push After 18 Months

The e-Naira launched in October 2021 after the website for Nigeria’s central bank’s digital currency went live in September. Since then, approximately 13 million users have signed up for e-wallets, according to the report. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said it is a more than 12-fold rise since its October launch. 

The official stated,

“We have seen good progress in the adoption of the eNaira. We are happy that as we try to move more and more towards financial inclusion, and get people away from being excluded in the financial system, the naira remains one of the very portable options for all to adopt.”

After a sluggish start, e-Naira usage appears to finally be gaining steam in the country. Data indicated that adoption levels remained modest in the fourth quarter of 2022. However, Nigerians have been subject to a cash withdrawal cap since January. The government’s demonetization operation to replace currency notes last year has reportedly left ATMs dry. Additionally, restrictions on over-the-counter cash withdrawals have also pushed people online.

The governor claims that after efforts to reduce access liquidity, the amount of physical money in circulation decreased to about 1 trillion naira from 3.2 trillion naira in September.

According to Emefiele, about 3.4 billion of the more than 10 billion minted digital e-naira is in circulation. 

He also credited the government for using eNaira for welfare programs. He explained that the increased adoption of the currency is due to the opening of 4 million new e-wallets by scheme beneficiaries. 

“The eNaira has emerged as the electronic payment channel of choice for financial inclusion and executing social interventions,” the governor said.

CBDCs Part of a Global Conversation

The Central Bank of the United Arab Emirates (CBUAE) is closer to launching a digital dirham as it recently introduced the central bank digital currency (CBDC) strategy.

Gulf Times confirmed in its report that CBUAE had signed an agreement with G42 Cloud and R3 to provide the necessary technology and infrastructure to implement a CBDC strategy. The strategy comes under CBUAE’s Financial Infrastructure Transformation (FIT) Programme. 

In contrast, Florida Governor Ron DeSantis wishes to outlaw CBDCs in the US. 

According to the press release from Monday, DeSantis proposed outlawing the use of both Fed-issued and foreign CBDC as currency. He has urged other states to follow suit by including similar prohibitions in their uniform commercial codes.

“The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control,” DeSantis stated.

Monero founder Riccardo Spagni has quashed claims that he has been an informant who helped Interpol and other federal agencies trace funds.

Crypto Influencer James Edwards claimed in a thread that Spagni outed himself as an informant for Interpol after U.S. Marshals detained him pending extradition.

Spagni Alleged to Be Interpol Mole

In a tweet on March 20, James Edwards shared reports from 2021. Based on the reports, he inferred Monero founder Riccardo Spagni could be an Interpol informant.

He said, “Evidence strongly suggests he helped them track Monero.”

Riccardo “Fluffypony” Spagni was captured in the United States in August 2021. The well-known cryptocurrency personality was detained after being accused of crimes that first surfaced in 2009. He was reportedly fleeing fraud charges in South Africa.

Former employer Cape Cookies accused Spagni of fraud by forging invoices. According to court records, Fluffypony allegedly stole $100,000 between October 2009 and June 2011.

Edwards based some of his arguments on this case. Spagni’s attorney postponed the trial and mentioned COVID-19 risks in response to South Africa’s extradition request. Prior to the March 2021 hearing, Edwards alleged that Spagni and his wife fled South Africa. In addition, he claimed that their dread of the virus only prevented them from traveling to South Africa and not to Bermuda. Edwards noted that their journey included an unnatural stopover in the U.S.

Based on the asset tracing requests, Edwards said, “I exposed @mymonero (project founded by @fluffypony) was a “wallet” that stole funds and deanonymized users (en masse).”

Notably, the crypto commentator has used GPT-4 to draw some of these inferences.

Meanwhile, author and analyst Nassim Nicholas Taleb retweeted the assertions. The “Black Swam” author claimed that if Monero’s chief maintainer turns out to be an Interpol informant, his claim that every Bitcoin transaction can be traced could be accurate.

Monero Founder Hits Back Denying Claims

Monero founder ‘fluffypony’ responded to the allegations by calling James Edward “brain dead.” With regard to the allegations, Spagni said, “This nonsense post is unsurprising, coming from a known scammer.”

He also took a jibe at the influencer for using ChatGPT’s GPT-4 to “analyse” the reports. Denying all claims, the Monero founder said, “At no point have I ever met with and/or helped a law enforcement agency, or a government, or an individual, or a government agency, or a company, or ANYONE to trace Monero.”

The founder defended Monero’s cryptography, saying he could not assist the government with “privileged access.” He said, “I have no privileged access to Monero’s code, GitHub repo, website, Twitter account, DNS records, donated funds, or anything else.”

That said, Spagni agreed on Edwards’ thread that Interpol did ask him for assistance but “never followed up with what they needed assistance with.”

In defense, the founder stated, “They never responded with any details, they never reached out and told me what the request was with. It might not even have had anything to do with Monero, I have literally no idea what it was about.”

According to Crunchbase, Spagni founded Monero in 2014 and registered it in Australia. Monero underwent a hard fork in August last year to bring many privacy upgrades. In October 2022, Monero developers were speculated to be behind an attack on Zcash.

At press time, Monero’s privacy-focused coin XMR is trading at $152 after a muted performance this week.

Artificial Intelligence (AI) and blockchain technologies are rapidly transforming industries worldwide. By integrating these technologies, innovative and ethical solutions can be developed to address some of the most pressing global challenges. Here are five global issues that AI and blockchain can tackle today.

In a world full of complex challenges, AI and blockchain technologies unlock sustainable, effective solutions.

Combating Climate Change

AI and blockchain can play a pivotal role in mitigating the effects of climate change. By analyzing vast amounts of environmental data, AI can identify patterns. And predict future trends, recommending effective measures for reducing greenhouse gas emissions. 

Additionally, blockchain technology can ensure transparency and traceability in carbon credit trading and natural resource management, promoting accountability and sustainable practices. 

Algorand, a scalable and decentralized blockchain platform, has partnered with various organizations to develop solutions for carbon credit management and other environmental initiatives.

For instance, Algorand has partnered with ClimateTrade, a leading carbon offsetting platform, to streamline the carbon credit market. By utilizing Algorand’s blockchain technology, ClimateTrade enables businesses and individuals to offset their carbon emissions transparently and efficiently.

This partnership simplifies purchasing and tracking carbon credits, increasing accessibility and affordability for a wider audience. Algorand and ClimateTrade thus support global efforts to reduce emissions and combat climate change.

PlanetWatch utilizes Algorand’s blockchain to securely store and verify environmental data from numerous air quality sensors.

This data is used to track pollution levels, identify sources of contamination, and develop targeted solutions to improve air quality. By providing a decentralized and tamper-proof system for environmental data management, Algorand plays a vital role in promoting transparency and accountability in environmental monitoring and protection.

Tackling Poverty and Inequality

AI-powered platforms can enhance the efficiency and effectiveness of poverty alleviation programs by identifying areas of need. And optimizing resource allocation. Blockchain solutions can ensure the traceability of funds, promoting transparency and trust in these initiatives. 

For example, Cardano has been involved in projects addressing social issues such as digital identity solutions and agricultural supply chain management. Which can add to poverty reduction and greater equality.

Under Charles Hoskinson’s leadership, Cardano actively pursues projects in Africa, focusing on sustainable, accessible, and transparent solutions. Their commitment transcends individual projects, aiming to empower communities and foster long-term, positive change.

Cardano aims to foster a prosperous, advanced, and sustainable future in Africa through training, education, and infrastructure support.

Improving Healthcare Delivery

Moreover, AI can revolutionize healthcare by enabling the development of personalized treatment plans, improving diagnostic accuracy, and optimizing resource allocation. Concurrently, blockchain technology can secure patient data. Ensuring privacy and data integrity while allowing authorized parties to access critical information. Together, this combination of technologies can enhance the quality and accessibility of healthcare.

Strengthening Disaster Relief Efforts

Natural disasters and humanitarian crises require swift, coordinated responses to save lives and support affected communities. AI assists emergency responders by analyzing real-time data. Blockchain technology can facilitate secure and transparent donations for disaster relief efforts, fostering trust and encouraging support for global projects. 

Giveth, a community focused on building the future of giving, is one example of an organization leveraging these technologies to facilitate donations and support disaster relief efforts.

By using Ethereum’s blockchain technology, Giveth provides an open, transparent, and accessible environment for donors, recipients, and communities. Through its platform, donors can support projects directly, track the impact of their contributions, and remain engaged with the causes they care about. 

By streamlining the donation process and promoting transparency, Giveth seeks a future where giving is more efficient and rewarding for all parties.

Furthermore, AI and blockchain can revolutionize education by offering personalized learning experiences, tracking student progress, and identifying skill gaps. Because AI can analyze data to recommend tailored learning pathways. Blockchain can securely store and share educational records and achievements. 

So, these technologies can help bridge the digital divide. Providing access to quality education and skill development opportunities for individuals in remote or underserved areas.

Harnessing the Potential of AI and Blockchain

Additionally, AI and blockchain technologies hold immense potential for addressing pressing global issues. By leveraging their capabilities in a responsible and ethical manner, we can harness their power to drive sustainable solutions. And foster trust and transparency, to create a more equitable world. 

As the adoption of these technologies grows, we must remain mindful of potential risks and challenges. And ensure the use of AI and blockchain promotes the greater good.