Not a few countries around the globe are venturing into the idea of digital currencies. Pronouncements have already been made by them with the setting up of committes in some countries while others have gone a notch further with pilot projects.
Nigeria is the latest country on the driving seat as reported by Cosmopolitan. According to the website, qouting a local news medium, Nigeria has decided to launch a pilot project of the digital currency on October 1.
Apart from the European Union (EU), other entities that have made moves included China, Russia, Japan, South Africa and Tanzania to mention a few.
This is great news for the cryptocurrency sector of international finance. Against this background, most governments are in love-hate relationship with cryptos. They always argue that cryptos are being used for fraud and terrorism. Some countries have therefore banned cryptocurrency transactions within their territories. However, some analysts have pointed out that while they don't rule out fraudulent activities in the crypto world, most financial crimes are still being committed through the traditional financial systems that are presided over by Central Banks.
One effect that I personally think of is that if Central Bank Digital Currencies (CBDC) eventually come come on steam, it will further cement the thinking that cryptocurrencies are here to stay. Moreover, it will lead to further adoption of the currencies by institutions, and as payment options and store of value. What do you think?
