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E-Naira: Unlike Bitcoin Bitcoin's Decentralized Model Is A Threat to Privacy and Freedom

The E-Naira, Nigeria's digital currency, has been widely criticized for its potential to threaten fundamental rights to privacy and freedom. Despite claims that it will provide greater financial inclusion, the E-Naira has little to offer ordinary people, instead benefiting those in power who seek to control financial activities. The use of the E-Naira will allow the Nigerian government to monitor and track financial transactions, infringing on the basic right to privacy. With a centralized authority controlling the digital currency, there are concerns that the government could use it to increase surveillance and control over daily lives. Moreover, the E-Naira lacks decentralization, which is a core principle of most digital currencies. With a centralized authority controlling the currency, there is a lack of transparency and accountability, making it difficult for ordinary people to hold those in power accountable. There are also concerns that the poorest individuals in Nigeria will not have access to credit or other services that could benefit them. Despite claims of financial inclusion, the E-Naira may only serve to increase the power of those in control, leaving ordinary people behind.

This decentralization has several advantages, including greater autonomy and privacy for users. With Bitcoin and Ethereum, users have complete control over their funds and can transact directly with each other without the need for a trusted intermediary. This can be particularly beneficial for those who do not have access to traditional banking services, such as the unbanked and underbanked in Nigeria. Another advantage of cryptocurrencies is their ability to operate across borders without the need for intermediaries like banks or payment processors. This makes it easier for people to conduct international transactions and can be particularly beneficial for those in countries with restrictive financial regulations. Furthermore, cryptocurrencies like Bitcoin and Ethereum operate on a transparent and secure ledger known as the blockchain. This means that every transaction is recorded and verified by a decentralized network of computers, making it difficult for anyone to manipulate the system for their own gain. This transparency can help prevent fraud and ensure that transactions are conducted fairly. Comparisons to China's Digital Currency The E-Naira has been compared to China's digital currency, which has also faced criticism for increased surveillance and control over citizens' financial activities. However, China's digital currency has been implemented on a much larger scale, with trials in several cities and plans to expand nationwide. The Chinese digital currency is also designed to be integrated with China's social credit system, which is used to monitor and control citizens' behavior. This integration raises concerns about the potential for increased surveillance and control over people's daily lives, further eroding individual privacy and freedom. In contrast, the E-Naira is not designed to be integrated with Nigeria's social credit system. However, the centralized control of the digital currency still poses significant threats to privacy and freedom, particularly for those who are already marginalized and vulnerable. The Need to Uphold Privacy and Freedom In a world where privacy and freedom are increasingly threatened, we must resist the implementation of systems like the E-Naira that seek to control financial activities. While digital currencies can provide greater access to financial services, they must be designed with decentralization and privacy in mind. The cash shortage fiasco in Nigeria has been a major issue for the country, highlighting how inadequate the infrastructure is to support e-Naira. This problem has caused significant disruption to businesses and individuals who rely on physical currency for their everyday transactions. The lack of reliable digital payment systems means that many people are unable to access essential goods and services, leading to economic hardship and social unrest. The use of cash is also important for privacy and freedom, particularly for those who are unable or unwilling to use digital currencies. Cash allows for anonymity in financial transactions, protecting people from unwanted surveillance and control. Moreover, the benefits of financial inclusion must extend beyond simply providing access to digital currencies. Financial inclusion must also involve increasing access to credit, savings, and other financial services that can help people build economic security and stability. Conclusion In conclusion, the E-Naira is a threat to privacy and freedom, lacking transparency and accountability. The centralized control of the digital currency only benefits those in power, leaving ordinary people with little to gain. In order to ensure that financial systems uphold the values of privacy and freedom, we must resist the implementation of systems like the E-Naira and advocate for decentralized and privacy-focused financial systems.

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