Federal finance and statistics / Central Bank of Nigeria

Digital Currencies: Emerging Trends, Challenges and the Future of the Monetary System

Despite the numerous advantages associated with the use of digital currencies, the innovation is laden with considerable challenges. Among them is the significant risk of hackers stealing from digital wallets. The deficiency of required infrastructure such as secure internet facilities is also a major challenge for the use of digital currencies particularly in developing countries. The rate of exchange of digital currencies, particularly privately issued ones, usually fluctuates drasticall | Keywords: Digital currencies, eNaira, CBDC