60% of central banks under pressure to issue digital currency ‘- Expert – Blueprint Newspapers Limited

An economist said that around 60% of central banks across the world are now under pressure to issue a sovereign digital currency, following the sudden increase in the value and acceptability of cryptocurrencies in the system as investors are looking for other places to invest their money.

Global Analystics Managing Director Tope Fasua, who revealed this in Lagos during the February edition of the Finance Correspondents Association of Nigeria (FICAN) monthly forum, said no government banker would support the cryptocurrency, they have no choice but to start issuing their own central bank digital currency (CBDC).

According to him, around five countries, namely China, Ecuador, Senegal, Tunisia and Singapore, have issued digital currencies, not cryptocurrencies, and bankers know they are done if cryptocurrency really takes off. and replace traditional currencies.

Specifically, he said that a number of bankers have invested in cryptos just to cover their bet. But the traditional financial system is deeply rooted, organized and supported by the government, unlike the cryptocurrency mining space.

Fasua’s presentation comes at a time when Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), honored the Senate’s invitation to ban cryptocurrency-related accounts in the country.

Emefiele arrived at the National Assembly (NASS) on Tuesday to honor the request of the Senate Joint Committee on Insurance Banks and Other Financial Institutions.