REASONS WHY DIGITAL CURRENCY MUST TAKE OVER THE FIAT CURRENCY

A digital currency also known as the CBDC is said to be an electronic form of a country's currency. It is a digital currency created for the main purpose of facilitating electronic and easier transaction. The CBDC will be a legal tender since it will be issued and regulated by the Central Bank of a country and as a result every merchant is expected to accept it for payment of goods and services, Digital currency is a new technology with a lot of potential benefits, which some of them are stated below.

1. EASIER TRANSACTION : The digital currency will be invented for easier and faster transaction and will be capable of completing a transaction order within a period of few seconds. This will enable faster transaction between peer to peer  across different countries , This will also eliminate the third-party handling of payment and because of this more companies will choose digital transactions over the use of physical currency since this will be easier.
2. HIGHER SECURITY: One of the benefit of the digital currency will be the higher security system,  This will ensure that all your asset is protected from web attackers who might try to have an unauthorised access to your account without permission, The two factors verification system will gives your wallet maximum protection even when someone have access to your password... The digital currency will also ensure that all transactions are secure and highly confidential.
3. TRANSPARENCY: With your digital currency and Wallet every transaction will be carried out by the original owner,This will not give rooms for unnecessary deduction and illegal sending out of fund without permission. The digital technology will also ensure that all transaction that is carried out digitally is transparent , recorded in the user's wallet. This will be impossible to cover up a fraudulent transaction in a cheating attempt or creation of duplicate or false transaction record.
4. LITTLE VOLATILITY: One of the greatest function of the digital currency will be the stability. The digital currency will remain the same value of the Fiat currency which will be a good option for saving purposes as it will be possible to take full control of your assets. Unlike cryptocurrency with high volatility ,There will will be no quicker chance of depreciation in the value of your assets, This will be best suited for everyday transaction and long-term purposes.
5. IT SAVES TIME:

 Another benefits for which digital currency will be adopted in the future is less time consumption. Setting up of your digital account will be done at the comfort of your home without passing through all the complicated process like bank   queuing. Heavy verification on banks consumes a lot of time but with digital technology this will be done easily with less time and energy.

• CONCLUSIONS: Ever since the invention of cryptocurrency a lot of banks and other financial organisation are looking forward on the benefits  the CBDC will have on the economy of their country. A report from the bank of international settlement has stated that  80% of the Central Bank all over the world are already researching on digital currency.. This clearly shows the future potential of digital currency.