6 Cryptocurrency Issues and Challenges are listed and explained in this article. We do hope that you find it informative.
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Slow Rate of Adoption of Digital Currency in Nigeria and the Possible Reasons
The rate of adoption of Digital Currency in Nigeria is actually improving but not as it would be if some negating factors were nonexistent. These negating factors include:
1. Internet Presence
Many Nigerians especially the uneducated ones are yet to come to terms with the internet and they see internet business as a scam.
They prefer to use ATM cards and not minding or taking into consideration the many benefits attached to digital currencies compared to other payment systems.
According to the Nigeria Communication Commission (NCC), the rate of internet penetration in Nigeria is 50.1%.
Some part of Nigeria is not developed and there is no access to the internet and even electricity in some of these areas and so, using digital currency is not possible in that kind of areas.
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Because of the volatility of digital marketing, some people consider it very risky to get involved. There is the possibility of someone hacking another person’s wallet and there could sometimes be a high level and decline or incline. These get people scared because they do not want to be on the losing side.
Some people do not know anything about Digital Currency and just conclude it is fake. Most of these people are uneducated and they believe only what they choose to believe not minding if it is true or not.
5. Bank Policy
Digital currencies are not recognized in the banking system of Nigeria and this is another discouragement to many.
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6. Disapproval by the Nigerian Government
The Government of Nigeria warns its citizen against the use of digital currency and anything that has not gotten approval from the government is considered illegal and this discourages people who would have loved to participate.
We hope this was helpful!