Crypto

What Countries are Trying to Create their Own Digital Currency

Countries across the world have come to grips with the fact that owing a digital currency separate from other countries is inevitable. It is only a matter of time before the majority of countries will use their respective digital currencies to execute all kinds of transactions. These are some of the countries that are leading other countries in terms of the development of digital currencies:

Mexico

As Central Bank Digital Currency (CBDC) continues to spread its reach, Mexico is yet another country that claimed its digital currency is currently under works. The Mexican digital currency will have been entirely developed by 2024 will revolutionize the financial apparatus in the country. 

The financial inclusion, convenient & seamless payment infrastructure will provide great value to the Mexican population. Considering the massive technological changes taking place in the world, Mexico doesn’t want to be left out in the technological transition and believes it will keep itself abreast with the latest trend. Jonathan Heath (Deputy Governor of Bank of Mexico) revealed the country’s willingness to switch gears to digital transformation. 

Nigeria

The latest country to have been able to create its own version of digital currency, it took Nigeria three years to achieve this milestone. An incredible achievement indeed and they are calling their digital currency “e-Naira”. The recent announcement came from the governor of the Central Bank of the country, Godwin Emefiele who relayed that the total minted coins had already crossed the 500 million marks. 

The recently developed digital currency e-Naira can only be accessed by the Nigerians who hold a bank account to their name. However, Bitt (The predominant fintech that helped develop e-Naira) is currently working towards enabling the non-account holders to access e-Naira as well. The currency is issued by the Central Bank of Nigeria that comes in an entirely unique form of a legal tender of money. 

e-Naira is being used as a prevalent medium of exchange that facilitates easy retail payments and transactions. It is way more convenient as compared to traditional cash payments and features an unprecedented operational structure. 

The Bahamas

When it comes to cryptocurrency adoption and sailing past the competitors, the Bahamas can’t be ruled out from the list. The country acted as a trailblazer in developing its unique version of digital currency “The Sand Dollar”. The statement from the central bank of the country reveals that they are determined to eliminate the traditional paper currency and paper checks. They opine that fintech adoption was inevitable in the country as it is way more convenient and acts as a better alternative to the traditional financial system. 

An exclusive Bahamian Dollar’s digital interation, Sand Dollar can be used for a host of services and transactions. The country is set to provide speed, scalability, efficiency, and impenetrable security to execute online transactions. It is also aiming to significantly reduce the overall cost that financial services usually incur. Building an ecosystem of inclusion and curbing money laundering are some of the areas that the Central Bank of Bahamas is currently working for. 

China

China has been in the process of developing its digital currency for quite some time as it initiated working on it in 2014. The CBDC project of the country continues to draw significant attention as the Bank of China works rigorously to develop the digital currency. In a bid to increase and promote the adoption of digital currency, the central bank of the country has already ended up giving away an extremely large chunk of tokens. Almost millions of tokens have already been issued by the central bank and digital Yuan’s pilot version was released in prominent cities like Beijing and Shanghai. 

India

Launching an unprecedented digital currency on a large magnitude is not a far-fetched dream for a country as big as India. The central bank of the country, RBI has asserted the profuse benefits that the country can avail of through digital currency adoption. It will far outweigh the current dependency of people on cash. The RBI-operated cryptocurrency will usher in a dynamic change in the country that a large number of traders and investors have been desperately waiting for. The chances of deterring the use of Bitcoin and introducing a whole new digital currency in the country have gained traction. You can open your free trading account easily on bitcoin-profitapp.com to earn profit from cryptocurrency.

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