Stakeholders lend support to CBN Digital Currency

Central Bank must unify its digital currency in order to gain control of the system.

By Zahra

 Some financial payment system stakeholders have recognized the necessity for Central Banks around the world to develop a unified Digital Currency to address the new demand caused by the advent of Blockchain and Cryptocurrency. 

The stakeholders stated that customers are increasingly using digital money and that the Central Bank must unify its digital currency in order to gain control of the system.

 Speaking during the launching of the 22nd Edition of the Digital PayExpo 2022, the Conference Coordinator, Adeniyi Amure, noted that the stakeholders’ commitment was influenced by the growing trend of customers using digital currencies. 

According to Amule, a decentralized digital currency will boost economic growth and also have an impact on advancement.

“The global transaction banking industry now sees Decentralised Finance as a potentially significant growth engine and disruptive force. Decentralised Finance applications will bring the advantage of trust, transparency, and easy access for everyone in need of banking. These are important characteristics and key factors of financial services that have been lacking on the African continent that have slowed down the growth rate in Africa, which Digital Payexpo seeks to address,”.

According to him, the two-day event is bringing an unparalleled number of DeFI innovators and change-makers to share their stories, knowledge, and insight into Decentralised Finance from the various angles of interest and use cases, including the practical gaps and challenges in the financial payment system,” he said.

The expo, which is being convened with the theme”DeFI Africa-Beyond Hype, Understanding Use Cases for the Continent” seeks to unravel the concept of Decentralised financial

The stakeholders are moving toward a unified, all-inclusive financial system that would benefit both the formal and informal sectors.

Central bank digital currencies (CBDCs) are a prominent topic in the financial world right now. Banks, institutions, and governments are researching and analyzing the economic and technical viability of establishing a new form of digital money, as well as the implications for monetary and fiscal policy.

CBDC is an electronic version of central bank money that citizens can use to make digital payments and store value. A CBDC has three primary components: digital currency; digital currency; and digital currency. They are issued by the central bank and are open to everyone.


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