What does the future hold for digital currency?

By Wirba Brice Divine Ransinyuy. [email protected]

The coming and the emergence of digital currency has sparked so much debate concerning its survival. With some skeptical it won’t stay long like paper money, with others completely for the fact that it will be long as it is here to stay. The future of digital currency and cryptocurrencies is quite bright. It has seduced so many users already and it’s still on the verge of seducing more people as its aim is here to be forever. Some analyst and specialist go so far by stating that digital currency will replace all its opposite.

Many countries have seen the prevalence and the goodness digital currency is offering as it is the case with India. The Indian government has taken a step forward which is considered quite a gigantesque step. The step compromises the fact of removing 86% of the circulation of cash in the society and economy. By doing so, they have brought out another alternative which is doing payments using digital methods. The services using digital payment are in shops, buying fuel and paying for tickets. Though the project is still on the long way to go, it has already started taking form in some sectors and areas of the country. Digital currency is brought into place to solve issues like cash settlement and reimbursement which is starting to become a real problem in many countries like India.

Another aspect displaying the bright prevalence of digital currency in the future is by putting digital currency to work. This is notable in countries with high use of cash flow. This is the case with Ecuador, a South American country. It is known to be the first country to actually adopt digital currency in their economy. This adoption took place in 2014. In this country, if a citizen has an account in the central bank of the country, he has the opportunity to deposit physical cash or paper and exchange it to become digital money. It is really surprising with how some countries are taking this proposition and digital currency affair into seniority level. Though it is not yet nationwide, but just knowing such a possibility is already available to the citizens of Ecuador is just amazing.

Other countries following the trend of India and Ecuador giving a realistic approach and bright promising of the use of digital currency in their native country are Sweden, Tunisia and Senegal. These three countries are ample and straightforward examples of the impact they have brought digital currency in their economy. Looking closely at Senegal, the government and its citizens are using blockchain technology for the use of digital currencies in their economy. In Senegal, it is known as eCFA, and in Tunisia, they are using the same technology to protect their digital currencies. Their digital currency is known as e-Dinar. These perspectives from these countries show the relevance of digital currency in the world today and in the future.