Anyone who doesn't download the digital wallet will have their SIM blocked. It occurs in Nigeria, which is the first nation on Earth to completely do away with currency.
The major phone carriers have already complied with the directive from the Nigerian Communications Commission. All SIM cards that are not registered with the national identification number (NIN), which is connected to the digital identity, will be blocked by February 28.
Thus, access to phone and data services is completely taken away. It is not, however, the first instance of coercion on the side of the Nigerian government to force the use of eNaira and online identity services. It was one of the world's first experimental currencies when it was introduced in 2021 and is a centralized digital currency that is directly handled by the central bank (CBDC).
To reach the objective of a zero-cash economy, the government opted to enact a number of extremely restrictive regulations when the eNaira failed to achieve the anticipated level of success. The most notable example is the withdrawal cap, which now allows for a weekly maximum withdrawal of 44 naira. The first SIM block was introduced last year, but it was simply a temporary solution as it only applied to outbound calls.
The fact that all of this occurs in Nigeria, meanwhile, is not by accident; in fact, it provides an ideal environment for comparable trials. With a 9% annual growth rate, Nigeria has the greatest usage of cryptocurrencies on the continent and is among the most developed in the world. In addition, it is the most populous state in Africa, plagued by a host of domestic issues and a well-developed liquidity crisis.
But when 2024 finally arrives, Nigeria decides to take a strong offensive. Strong demonstrations are expected in response to the SIM suspension for individuals who have persisted in refusing their wallet and digital money in spite of everything. There have already been violent bank assaults and public protests calling for the return of paper money in recent years.
In actuality, these instruments are once again put out to the populace as voluntary substitutes. But it's easy to see that the trick is nothing more than a disguised duty.
Considering that the digital euro is about to be adopted and tested, which began in November, looking at Nigeria's situation might highlight the elite's future goals.