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The Lunar New Year in China has recently passed, and the Chinese government has given millions of yuan worth of their digital currency to promote its adoption.
This was reported by the Global Times, who explained that a lot was happening and the e-CNY was being distributed around the country during the holiday. The last time the government had done something similar was after the COVID-19 restrictions, when they aimed to encourage more consumption.
The giveaway came in the form of social aid such as subsidies and coupons. The cities that benefited were said to have received close to 180 million yuan. In some cities, each resident was reportedly given an 80 yuan purchase voucher, which cost 4 million yuan.
Despite $14 billion worth of transactions in the country, this does not yet count as full adoption. Considering the population of China is approximately 1.4 billion, one would think this would make up a majority of people, but apparently it doesn't.
This serves as a good introduction to discussing how Nigeria attempted to distribute its paper money to everyone, but has failed to do so and is now punishing the people. There are no financial aids based on amenities, and no giveaways. People around the country seem to be suffering.
In Nigeria, 10% or more of their money goes into withdrawing their money from banks, as there have never been enough ATMs to cover the entire country.
Nigeria has attempted to implement a central bank digital currency in the past, but it was nothing like what is being seen in China. In China, the implementation was for the benefit of the general public, while in Nigeria, the reason for implementation remains unclear, but it is assumed to be due to greedy politicians.
The problem has become widespread as businesses offering POS services now charge a huge amount for each withdrawal of N1,000, which is less than $2.
In addition, the government has no legs to stand on whatever decision it makes. It keeps changing deadlines for old notes while at the same time not staying committed to distributing the new notes.
As the Nigerian election approaches, many hope that the candidate of the people will win, but there are many signs that suggest this may not be the case. One reason is the fact that many Nigerians do not respect each other and do not want the best for each other.
Regardless of the outcome, I hope that we can still make the best out of what we have, no matter how little it may be.
This may be a big mess and there are a lot of years between the countries compared, but both countries have people that they think are either worthy or unworthy of proper treatment.
Let me know what you think in the comment section below.
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