Blockchain technology has proven to be a revolutionary idea bringing increased security and audibility. In addition to this, digital currencies offer cheap and swift transaction speeds.
Modern banking infrastructures are archaic in nature and must modernize if they want systems that are ready for the future.
Many countries including Asia and Japan are looking to implement central bank digital currencies (CBDCs) while others, like El Salvador, are adopting Bitcoin as legal tender.
The push to have a blockchain-based currency is incredible for crypto enthusiasts as it legitimizes the technology behind it.
Nigeria is now releasing eNaria, a complement to the physical Naria. Nigeria does not want to replace its physical currency but rather to enhance the currency with easier and seamless payments.
Nigeria has been one of the biggest places for cryptocurrency adoption lately. The Nigerian government has been struggling with regulations for digital assets, and in February, banned cryptocurrency transactions.
Now, four months on, it’s looking to release its own digital currency. This is very similar to China banning cryptocurrency while also looking to release its own CBDC.
Nigeria will be releasing its own digital wallet to its citizens to use the new crypto asset. The wallet will be controlled by the Central Bank of Nigeria and each wallet can either link to a bank account or can be can prepaid into wallets.
While many crypto enthusiasts want more countries to adopt Bitcoin or other crypto assets as legal tender, it makes sense for countries to use a stable coin method. This reduces the volatility of its currency.
It is likely that Nigeria will use a private blockchain to host its CBDC as there are not many blockchain options that have the scalability to run a national currency at this time.
Blockchain technology is here to stay. Countries that push back against this technology could fall behind others who adopt digital currencies.
In many countries, Coronavirus has stopped a lot of businesses from accepting cash and many only use card transactions. If this trend continues, the adoption of digital currencies will become even more seamless than it already is.
Blockchain is making waves in the financial systems and it’s a great sign for things to come for cryptocurrencies.
Blockchain digital assets are already used as exchange tokens at many entertainment venues, including Bitcasino, 1xBit and, FortuneJack.