An economist has said that about 60 per cent of Central Banks across the world are now under pressure to issue sovereign digital currency, following the sudden rise in value and acceptability of Cryptocurrencies in the system as investors search for alternative places to invest their money.
The Chief Executive Officer, Global Analystics, Mr Tope Fasua who disclosed this in Lagos at the February edition of the Finance Correspondents Association of Nigeria (FICAN) monthly forum, said though no banker to the government will support Cryptocurrency, they have no option than to begin to issue their own Central Bank Digital Currency (CBDCs).
According to him, about five countries namely China, Ecuador, Senegal, Tunisia and Singapore have issued digital currencies, not Cryptocurency, and bankers know that they are done if cryptocurrencies really take off and replaces traditional currencies.
Specifically, he said quite a number of bankers have invested in cryptos just to hedge their bet. But the traditional financial system is deeply rooted, organized and backed by government, unlike the Cryptocurrency mining space.
Fasua presentation is coming at a time when Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has honoured the invitation of the Senate over the ban placed on cryptocurrency-related accounts in the country.
Emefiele arrived at the National Assembly (NASS) on Tuesday to honour the request by the Senate Joint Committee on Banking Insurance and other financial institutions.
