With cryptocurrencies like Bitcoin becoming increasingly popular, central banks across the world have been working towards developing digital currencies of their own. Only two countries have officially launched digital fiat currency. The Bahamas became the first in 2020 followed by China, which began issuing its digital yuan about three months ago. Other countries where trials…

With decentralised digital currencies like bitcoin becoming increasingly popular, the world’s central banks have – in the past two years at least – been working towards developing government-backed digital currencies. Nigeria may pilot an official digital currency in 2021, going by the words of Rakiyat Mohammed, a Central Bank Director in charge of the Information…