Central banks around the world are getting involved in digital currencies, but some are further ahead than others.
In this map, using the data from the Atlantic Council’s Currency Tracker to visualize the state of each central banks’ digital currency effort.
A major benefit of government-issued digital currencies is that they can improve access for underbanked people.
This is not a huge issue in developed countries like the U.S., but many people in developing nations have no access to banks and other financial services (hence the term underbanked).
As the number of internet users continues to climb, digital currencies represent a sound solution.
Just 9% of countries have launched a digital currency to date.
This includes Nigeria, which became the first African country to do so in October 2021. Half of the country’s 200 million population is believed to have no access to bank accounts.
Adoption of the eNaira (the digital version of the naira) has so far been relatively sluggish.
The eNaira app has accumulated 700,000 downloads as of April 2022. That’s equal to 0.35% of the population, though not all of the downloads are users in Nigeria.
Conversely, 33.4 million Nigerians were reported to be trading or owning crypto assets, despite the Central Bank of Nigeria’s attempts to restrict usage.
America’s central bank, the Federal Reserve, has not decided on whether it will implement a central bank digital currency (CBDC).
P.S.
If this helps you, sign up to our weekly news for more in depth infos.
TTM top 3 discussed stocks :$Alibaba(BABA)$ $NVIDIA Corp(NVDA)$ $Apple(AAPL)$
Comments