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| Digital Currencies and National Development: Prospects and Challenges for Adoption |
Johnson Femi Temitope and Ojo Fidelis Folorunso
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Abstract:
Money serves as a medium for which goods and services are exchanged. Anything that can be generally accepted for settling of debts and used for performing financial transactions is being referred to as money in the olden days. Many countries in the world have a generally acceptable and commonly used currency among their citizenry. The 21st century application and usage of money has transcended the notion and belief of the existence of money in the form of regular bank notes and coins. Nowadays, digital currency, electronic money or electronic currency is being in use with quite an appreciable number of people inclining their insight towards its effective usage and more countries adopting it for financial transactions as against the conventional forms of money. This paper surveys a number of related literatures to give a clearer and broader explanation of the concept of digital currency, the various forms in which digital currency exists. A comparison of the degree of acceptability of different digital currencies was discussed with the mode of operation of digital currency. However, prospects and challenges for the adoption of digital currency as a tool for national development were also highlighted.
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