Abuja, October 24: As cryptocurrencies are gaining momentum across the world with huge-recent surge in their values more and more countries are inclining towards the digital assets. The newest to join the pro-crypto brigade is the West African country of Nigeria. According to reports, Nigeria is all set to launch its digital currency on Monday. The digital asset will be known as 'eNaira' will be backed by the country's central bank.Bitcoin Flies Above $65K, Could It Reach the $100K Mark? Here’s Why This Is the Right Time To Invest in It.

According to a release by the CBN, Nigerian President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja. It added, "The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone." Are Cryptocurrencies Legal in India? Here’s How You Can Buy & Sell Bitcoin, Ethereum & Dogecoin.

It also added that the central bank will continue to work with relevant partners to "ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population." According to a report by the Reuters, the country has partnered with Barbados-based Bitt Inc to develop its digital currency, eNaira.

(The above story first appeared on LatestLY on Oct 24, 2021 09:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).