Cryptocurrency and Covid 19 have pushed the need for digital fiat with China leading the way with digital Yuan, while it is far from decentralized cryptocurrencies and will only increase government's control on its people, the reality is paper money is eventually going to fade away.
Without being a fan of CBDC I do think people are going to find decentralized cryptocurrencies through CBDCs the moment it is launched in various parts of the world. Some will only be pushed to accept change and I see CBDC pushing folks to transact digitally.
Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry.
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Regardless of whether Nigerians long for CBDCs, its impact on the economy is of less concern. The curiosity here is when will CBDC come to life in Nigeria? There's is no time frame from the governor's speech on when or whether it is being worked on which is generally a the case with Nigeria. It will be of no surprise digital Naira might not come to life in Nigeria in five years.
Elsewhere in the southern part of Africa Zimbabwe's CBZ is looking at ways to leverage cryptocurrency
One of Zimbabwe’s biggest financial institutions, CBZ Holdings says it is looking at ways it could “leverage cryptocurrencies and other emerging digital innovations.”
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We are witnessing transformation of money right before us, it might not be a big deal for us in the cryptosphere but we can't deny change is here and for countries giving a bit of openness to cryptocurrency and fiat without completely shutting out crypto might be setting itself to evolve technologically and probably boost its economy.
CBDCs and cryptocurrencies are here to stay by the look of things.
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