NEWS

IMF Backs A Global Central Bank-backed Digital Currency Network

Published

3 years ago

June 21, 2023

Global CBDC: IMF Working on Global CBDC Platform Concept

In a bid to foster efficient and fairer international transactions, the International Monetary Fund (IMF) is actively developing a global platform for Central Bank Digital Currencies (CBDCs), Reuters reported.

IMF Managing Director Kristalina Georgieva emphasized the need for interoperability between countries during a conference attended by African central banks in Rabat, Morocco, on Monday. Unlike decentralized cryptocurrencies, CBDCs are digital currencies controlled by central banks.

Georgieva stated that CBDCs should transcend national boundaries and not remain fragmented propositions within individual countries.

To achieve this, she said that the IMF has been working towards a common regulatory framework that will enable seamless global interoperability for CBDCs.Failure to establish such a platform could create a void that cryptocurrencies will likely fill, she added.

Backing the ‘official’ digital currency

Georgieva highlighted that 114 central banks worldwide are already exploring CBDCs, with approximately 10 having made substantial progress in their implementation.

She also stressed that the potential of CBDCs would be underutilized if they were solely developed for domestic use. By connecting countries and facilitating cross-border transactions, CBDCs could enhance financial inclusion and reduce the costs of remittances. Currently, the average cost of money transfers amounts to 6.3 per cent, equivalent to $44 billion annually.

Georgieva further emphasized the importance of backing CBDCs with assets. While acknowledging the investment potential of cryptocurrencies backed by assets, she cautioned against speculative investments in cryptocurrencies lacking such support.

Tracking the global rise of CBDC

The rise in CBDC exploration is evident as per US-based think tank Atlantic Council, with 114 countries—representing over 95 percent of global GDP—actively considering or advancing CBDC projects. In contrast, in May 2020, only 35 countries were contemplating CBDCs. Presently, 60 countries are in an advanced exploration phase, including development, pilot testing, or launch.

Eleven nations have already fully launched their CBDCs, with China’s pilot project reaching approximately 260 million people and expanding across the country in 2023. The most recent addition to the list is Jamaica, which introduced its own CBDC called JAM-DEX.

The imposition of financial sanctions on Russia has spurred countries to seek alternative payment systems that circumvent the dominance of the U.S. dollar. As a result, there are currently nine cross-border wholesale CBDC tests and seven cross-border retail projects, almost double the number compared to the previous year.

Throughout 2023, more than 20 countries are expected to take significant steps towards piloting their CBDCs. Australia, Thailand, Brazil, India, South Korea, and Russia intend to commence or continue pilot testing next year. Additionally, the European Central Bank (ECB) is likely to initiate its CBDC pilot in the near future.

As of December 2022, all G7 economies have transitioned from research to the development stage of CBDCs. Notably, the New York Federal Reserve’s wholesale CBDC experiment, Project Cedar, propelled the United States into the development phase.

Among the G20 countries, 18 have reached the advanced stage of CBDC development, with seven already in the pilot phase. Almost every G20 nation has made substantial progress and allocated significant resources to CBDC projects in the past six months.

Source:- Wionews

Entertainment

G Sound Studio Presents Lagos Next Star Music Festival & Talent Hunt 2026

Published

2 weeks ago

October 12, 2026

Baba Blow

The Nigerian entertainment scene is set for another exciting celebration of music and emerging talent as G Sound Studio presents the Lagos Next Star Music Festival & Talent Hunt 2026, an event designed to discover, showcase, and support the next generation of music stars.

With its focus on discovering talent and providing practical creative opportunities, the Lagos Next Star Music Festival & Talent Hunt 2026 invites aspiring musicians to step forward and showcase what they can offer.

For artists seeking a platform to perform, build connections, and pursue greater recognition, the event could be an opportunity to put their talent in the spotlight.

Interested participants and attendees should contact the organizers directly to confirm registration requirements, prize conditions, and other event details ahead of the festival.

Organized under the theme “Where Talent Meets the Spotlight,” the festival aims to provide aspiring musicians with an opportunity to showcase their abilities, connect with the entertainment community, and take a step toward greater visibility in the Nigerian music industry.

One of the major highlights of the Lagos Next Star Music Festival & Talent Hunt is its talent competition, which offers opportunities for participants to compete for first, second, and third-place prizes.

According to the event promotional materials, winners can look forward to valuable career-support opportunities, including free studio sessions, free music production, free music promotion, and a free video shoot.

These opportunities could help upcoming artists improve their sound, strengthen their musical identity, and gain exposure as they work toward building sustainable music careers.

The event also encourages aspiring performers to take advantage of the platform to demonstrate their creativity, stage presence, originality, and musical potential.

Registration Details and Participationd 👇

Interested talents are invited to register for the competition. The advertised registration fee is ₦10,000.

Prospective participants are encouraged to contact the organizers through the official social media handles or the WhatsApp contact provided on the event flyer to obtain the registration form and confirm the participation requirements.

Registration and enquiries:

Instagram: @dmartin_opchial
Instagram: @gsoundoftheyearstudio
WhatsApp: +234 902 195 7914
Email: Dmartinprobeat@gmail.com

Beyond the talent hunt, the festival is expected to bring together music lovers, performers, creatives, and entertainment enthusiasts for an evening of live performances and networking.

The event flyer lists several performing artists, including Ovuemax, Mohyen, Sanny Gee, Kushflow 15, Diago, Evron Diver, Milli Moree, Pehgy, Sherico, Egbebomo, Younglucki, and Dmartinpro.

The red carpet is scheduled to begin at 6:00 PM, while the main show is scheduled for 8:00 PM.

With a combination of emerging performers, a competitive talent showcase, and music industry opportunities, the festival is positioning itself as a platform for aspiring artists looking to take their next step.

Event Details At A Glance 👇

Event: Lagos Next Star Music Festival & Talent Hunt 2026
Presented by: G Sound Studio
Date: Saturday, November 28, 2026
Red carpet: 6:00 PM
Main show: 8:00 PM
Venue: De City Lounge, 108 Badore Road, opposite Regal Star School, Badore, Ajah, Lagos
Registration fee: ₦10,000, as advertised
Talent hunt prizes: First, second and third-place prizes, with additional creative opportunities advertised for winners

Stay connected to Blow Naija Media for more entertainment news, music updates, artist features, and events from across Nigeria.

Entertainment

Emersonnoni Unveils Bold Promo Shots as He Prepares Next Musical Chapter

Published

4 weeks ago

September 30, 2026

Baba Blow

Rising Nigerian Afro-Pop artist Emmanuel Oghenekevwe, widely known as Emerson and now requesting to be addressed as Emersonnoni, has released a fresh set of promotional photographs ahead of his next musical project.

The visuals mark a confident step forward for the Ughelli South, Delta State native, who has been steadily building momentum since the February 2026 release of his single Ask Of Emerson (featuring Snazzygrin).

That track, produced by Gluck Beatz and written by Oghene Kevwe Emmanuel, showcased his blend of Afro-Pop energy, storytelling, and contemporary Nigerian sound.
With the new promo images, Emersonnoni appears to be setting the tone for a more defined personal brand.

Entertainment

MAIDEN MOEISHA CREATIVE EXPERIENCE HOLDS THIS FRIDAY

Published

1 month ago

September 25, 2026

Baba Blow

MAIDEN MOEISHA CREATIVE EXPERIENCE HOLDS THIS FRIDAY

Utibe Utuk

All is set to host a gathering of artists,innovators,creative entrepreneurs,young talents,students and industry professionals as the MOEISHA Creative Experience 2026 takes center stage.

The event, which brings together diverse voices and ideas around art,technology,culture and the future of the creative economy is scheduled for Friday,September 25th from 4pm,toprovide a platform for participants to connect,share ideas,showcase their creativity and explore emerging opportunities at the intersection of art,innovation and technology at Ibom LED Centre.

A major feature of the gathering will be the official launch of The Moeisha Foundation,an initiative focused on empowering young women and fresh school leavers with creative skills and opportunities in digital entrepreneurship.

The foundation is expected to provide opportunities for young people to develop practical skills,discover their creative potential and explore sustainable pathways within the growing digital economy.

Beyond the celebration of creative expression,the MOEISHA Creative Experience is designed to promote networking,collaboration and knowledge sharing among participants from different areas of the creative industry.

The event will take place at Ibom LED,Ibom E-Library,Ibb Way,Uyo,Akwa Ibom State,with free entry for participants. Artists,students,young entrepreneurs,industry professionals and lovers of culture are expected to attend the gathering.

Some of the speakers and panelists to grace the event are Mandu Akpekong (Public Speaker), Sukmama Akpanusong (Tech Entrepreneur),Utonne Ekefre (CEO Latonne Signature) and Emmanuel Udosen (CEO Coddatech Nigeria Ltd), with performances by Udo Mariam, Psc Ben, Ferric Wondaz, Carlos Umoh and Evelyn Praiz to spice up the evening.

The convener,Mekmfonabasi Essien,an artist,creative visionary and curator,said in a chat with this reporter penultimate week that the event was conceived as an avenue to bring people together and create opportunities for meaningful connections within the creative space.

According to her,for a creative community like Uyo,which continues to explore new ways of turning talent and ideas into opportunities,the MOEISHA Creative Experience 2026 provides an avenue for participants to connect,create and discover new possibilities.

She called on young people in Akwa Ibom and neighbouring cities to take advantage of the gathering,describing it as a networking hub capable of opening doors for greater collaboration and creative partnerships.