Bitt CIO explains why Nigeria introduced a CBDC and how it is working
Central Bank Digital Currencies (CBDCs) can seem like nuclear fusion: a proven technology delayed by engineering problems. It is an analogy that Simon Chantry will enjoy since he began his career as a nuclear engineer before co-founding the blockchain-based digital currency technology provider Bitt in 2013. As CIO at Bitt, he has implemented the Bitt Digital Currency Management System (DCMS) on behalf of the Eastern Caribbean Central Bank (ECCB) and the Central Bank of Nigeria, putting the company at the heart of two of the first CBDCs to be launched anywhere in the world. The company has also implemented a digital currency wallet for the National Bank of Belize and is now working with the National Bank of Ukraine on a project that is expected to lead to the introduction of electronic money. Dominic Hobson, co-founder of Future of Finance, caught up with Simon Chantry to get the full story behind the eNaira.