Assessing The Impact of Cryptocurrency on Nigeria’s Digital Economic Advancement

TLDR

The consequences of cryptocurrencies on Nigeria's move toward a digital economy were examined and some of the key features in which are decentralization and the use of cryptography were highlighted.

Abstract

Cryptocurrency is a type of virtual money whereby transactions are conducted and validated using a decentralized system that employs cryptography. This paper discusses the concept of cryptocurrency by highlighting some of the key features in which are decentralization and the use of cryptography. It further discusses the concept of digital economy which is the economy that focused on digital technologies. Benefits and some drawbacks of the economy are briefly highlighted. Next, using an analysis of the National Digital Economy Policy and Strategy (2020–2030), the article discusses Nigeria's digital economy. Eight pillars were defined under the policy to hasten the growth of the Nigerian digital economy. The consequences of cryptocurrencies on Nigeria's move toward a digital economy were finally examined in the study.