New money💵💰, new worries
Hello Venturer,
Don't you find it fascinating that money seems to be the most pivotal subject in the modern world, yet is arguably one of the most boring? I think money and finance probably should never have become so complicated. What was simply meant to be an exchange medium for goods and services is now warped around interest rates, inflation, bonds, treasury bills, foreign exchange, devaluation etc.
And it's not looking like this subject will get any less complicated. In the past few years, people have started talking about pivoting from government-backed money to 'decentralised' digital currencies (yes, I'm talking about bitcoin). One of bitcoin's propositions is that it's a "deflationary" currency. I admit I did not even know there was such a word until I read about bitcoin.
In case you were hoping this was a fad, I hate to break it to you, but it's now legal tender in two countries: El Salvador and the Central African Republic (CAR). Ironically, governments are adopting money that is supposed to make people 'free from government control'.
Since CAR announced bitcoin as a legal tender, there's been a lot of controversies. For instance, you'd wonder why a country with only about 14 per cent internet penetration is adopting bitcoin as legal tender. What could've made them take this decision? Is it realistic, or is it just blind ambition? Is Bitcoin even suitable for use as a legal tender? If you're curious about this subject, you're lucky because we've got you covered this week!
Oluwatosin Ogunjuyigbe
Staff Writer
Ventures Africa
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#VA NUGGET
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