Sat Dec 3, 2022 – 12:57 pm EST
ANALYSIS
(LifeSiteNews) — The Central Bank of Nigeria (CBN) wants to link its CBDC (Central Bank Digital Currency) to a digital identification system, according to a report by the Bank of International Settlements (BIS).
“Universal access to eNaira is a key goal of the CBN, and new forms of digital identification are being issued to the unbanked to help with access,” the November 2022 BIS report states.
“In addition, an eKYC-enabled [electronic know your customer] CBDC that is integrated with the national ID schemes could greatly ease financial onboarding.”
The central bank is looking to grant universal access to its CBDC via digital IDs to achieve “financial inclusion,” at the cost of anonymity and privacy.
“When it comes to anonymity, the CBN has opted to not allow anonymity even for lower-tier wallets,” the BIS report said.
READ: Here’s what you need to know about Central Bank Digital Currencies
Connecting digital IDs with CBDCs is seen by critics as a means to establish an Orwellian surveillance state. If trackable CBDCs were to replace cash and be linked with digital IDs, governments or central banks would have total control over almost
The remainder of this article is available in its entirety at LifeSite News
The views expressed in this news alert by the author do not directly represent that of The Official Street Preachers or its editors