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How Feasible Is The Creation Of A Central Bank Digital Currency in Africa?

by CBDC Insider Staff
September 8, 2020
in Africa, Business
Reading Time: 1min read
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How Feasible Is The Creation Of A Central Bank Digital Currency in Africa?
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The invasion of blockchain applications, predominantly via cryptocurrencies, has flooded the African and global financial space with a myriad of groundbreaking possibilities that hold a promise of reaching the realm of an entirely decentralised financial system. This invasion is, however, a threat to traditional banking giants, especially the Central Banks, as this strips them of the central control they possess. In a bid to level the playing field and regain control without completely stifling the innovation that blockchain offers, central banks in Africa are opting for the creation of a Central Bank Digital Currency (CBDC). Some financial analysts speculate that this move can potentially push the continent closer to embracing blockchain, although this shatters the promise that blockchain holds for a decentralised financial future.

Continue read: https://decentralize.africa/how-feasible-is-the-creation-of-a-central-bank-digital-currency-in-africa/

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