Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[Blaka]

Digital currency plays an essential role in the financial ecosystem by offering a virtual substitute for conventional cash. It facilitates online transactions, e-commerce, and peer-to-peer payments. Digital currency enables swifter, more effective, and secure financial transactions, aiding in the digitalization of economies. It promotes financial inclusion, particularly in areas with restricted availability of traditional banking services. As Electronic Money Institutions (EMIs) create digital currencies, they enhance the general adaptability and ease of financial transactions.

 

[btaliat]

The introduction of cryptocurrency and other forms of digital currency has made most supermarkets and other transactions to be done online. Hardly you will see people using fiat money in some advanced countries.

 

[IB DD]

Digital currencies have largely helped in digitization of economies by offering cost effective and efficient means of settling transactions. Businesses and individuals now find it more convenient to do business with relative speed and cheaper costs due to the advent of digital currencies.

 

[Ptrikha90]

The introduction of cryptocurrency and other forms of digital currency has made most supermarkets and other transactions to be done online. Hardly you will see people using fiat money in some advanced countries.

Even here, while the Crypto adoption is still evolving and the Taxes that have been introduced last year have had a negative impact, overall we are seeing more Digital Transactions.
Cash usage is being preferred less although it still has high usage.

 

[IB DD]

Even here, while the Crypto adoption is still evolving and the Taxes that have been introduced last year have had a negative impact, overall we are seeing more Digital Transactions.
Cash usage is being preferred less although it still has high usage.

It is actually the opposite in my country but digital currencies are slowly wading in. People in my country are conservative and would take ample time to accept digital currencies but we have hope in the digitization of the economy in future.

 

[Ptrikha90]

It is actually the opposite in my country but digital currencies are slowly wading in. People in my country are conservative and would take ample time to accept digital currencies but we have hope in the digitization of the economy in future.

From what I can make out perhaps the Political class in Nigeria is averse to the changes.
Yet some day, they will have to follow the logic and think in terms of better economic growth for the country.

 

[IB DD]

From what I can make out perhaps the Political class in Nigeria is averse to the changes.
Yet some day, they will have to follow the logic and think in terms of better economic growth for the country.

I won't even say it is the political class that is averse to digital currency in Nigeria. It is more of the Nigerian people and how they naturally embrace innovation. You won't believe me that till now. We are generally slow evolving people when it comes to technology and adopting it.

People still feel that anything that has to do with the internet is fraud and won't even give an ear to paying them through digital currency.

 

[Deyiang]

The introduction digital currency has played a greater role in the economy system by helping people that are staying where there is no physical banks to be able to carry out financial transaction.
It has boost the confidence of individuals and business owners to start up business and to be able to have access to digital currency

 

[Ptrikha90]

I won't even say it is the political class that is averse to digital currency in Nigeria. It is more of the Nigerian people and how they naturally embrace innovation. .....

People could have a reason to distrust.
If the frauds become more common and if the cops and the legal system are not helping much, they have a logic for being too cautious.

 

[IB DD]

Digital currencies have been able to integrate the informal sector which used to do transactions mainly with cash to start carrying out cashless transactions. People like fishermen, construction workers and other largely informal artisans now with the introduction of digital currency now accepts electronic payments. This would help the government to tax them by just taxing the digital payment platform. That leads to increased economic growth.

 

[Ptrikha90]

Digital currencies have been able to integrate the informal sector which used to do transactions mainly with cash to start carrying out cashless transactions. People like fishermen, construction workers and other largely informal artisans now with the introduction of digital currency now accepts electronic payments. This would help the government to tax them by just taxing the digital payment platform. That leads to increased economic growth.

It is important that Governments give incentives for Digital Currency. Taxation is important but should not be very high.

 

[IB DD]

It is important that Governments give incentives for Digital Currency. Taxation is important but should not be very high.

I don't think that if the government wants to tax digital currencies, it would be really high. The cost of carrying out digital transactions is not too much. In respect of that, taxing digital currencies would be rather moderate.

 

[Ptrikha90]

The introduction digital currency has played a greater role in the economy system by helping people that are staying where there is no physical banks to be able to carry out financial transaction.
It has boost the confidence of individuals and business owners to start up business and to be able to have access to digital currency

True - good use of Digital currencies and Crypto can transcend the need for Physical Bank Branches.
However, it would need the existing Banking system to let go off some of its monopoly.