Why are countries carried by the tendency of creating their own digital currency?

By Wirba Brice Divine Ransinyuy. [email protected]

Advocates of the 20th and 21st century say that “The 20th and 21st centuries are the turning point in human’s race history”. They say so basing themselves on their various innovations that have taken place and with others still taking place and with more innovations still to come and take place in order to render life easy and very comfortable for everyone in all aspects of humans life. Looking at their argument closely, they may seem really right. But let`s not forget that each century comes along with its own technology and various innovations. Despite this, the technologies of the 20th and 21st century really seem to be so outstanding for now.

With technological advancements, life seems to have become so easy. Technological advancements brought things like mobile payments and came along with digital money, also known as digital currency. Many governments in the world are trying by all means by all ways to adjust and render the financial life of its citizen comfortable. One of the ways they are succeeding at it is by limiting the use of cash or going totally cashless as there is too much crisis with cash like shortage of cash in circulation and this can only be possible with the introduction of a digital currency that corresponds to their societal needs like money circulation, which is possible creating their own digital currency.

Various reports are coming up that many Central banks of various countries are getting along with the reality that digital currency is the new trend of currency in the market and they do so by envisaging to create their own digital currency within the current next five years as by creating their own national digital currency they benefit from greater financial inclusion and helps to find their diminishing and weak currency. By matching with today`s trend, they make it in a private or public manner as digital currency is to become a part and parcel of the global monetary system. This report was being carried out by the Official Monetary and Financial Institutions and IBM. This already shows the importance that is being accorded to digital currency in the presence and in the future also.

Countries that have followed and created their own national digital currency include Singapore, China and with other countries like Estonia, Japan, Palestine, Russia looking and preparing already to get along the trend of creating their own digital currencies. By creating their own national digital currency, they have the opportunity to allow remittances from workers that have migrated to their country as it permits the workers to be moved along the border more efficiently. So as time goes on, the benefits of having its own national digital currency are so enormous and the best things to do is to profit from it when the stakes are not yet higher than its now.