Countries that have just started participating in the development of Central Bank Digital Currencies (CBDCs) are doing pretty well. Ghana is now launching its digital cedi in two months. In contrast, China started launching its digital yuan back in March 2018 and has yet to succeed.
Despite Africa being the poorest continent on earth with most people living below the poverty line, the continent is out to prove the world wrong when it comes to digital financial technology. The transaction volume of cryptocurrencies is growing steadily, and Nigeria is leading Central Bank Digital Currency (CBDC) innovation in Africa.
As the interest in cryptocurrency is seemingly increasing in Africa more than in some of the globe’s developed economies, the Central Bank of Nigeria (CBN) has come out to embrace this nascent fintech by saying that Bitcoin and cryptocurrency businesses in Nigeria are not banned at all.
The Nigerian Central Bank has paid notice to the Country’s Vice President positive advice on cryptocurrency. The Central Bank which recently banned cryptocurrency in the Country was criticized by Vice President Yemi Osinbajo who preferred regulating cryptocurrency to banning its use in the country.
The outbreak of COVID-19 pandemic triggered the growth of various kinds of fraudulent activity, including that involving cryptocurrency. Despite such activity harming people from all over the world, the citizens of developing countries seem to be more vulnerable.
Making a digital payment, e.g. using cryptocurrency is still, for many Italians, an operation that could potentially be a security risk. To highlight it is a study conducted by Luno, a company specialized in cryptocurrencies, through the Dalia Research platform on a sample of a thousand people for each of the countries taken into consideration are Italy, France, Indonesia, the United Kingdom, Malaysia, Nigeria and South Africa.