Countries also committed to a digital currency future are Dubai, The Bahamas, Sweden, and Nigeria, all having launched their own “central bank digital currencies” (CBDC). Eighty-one more countries are planning to follow suit, including South Korea, with the focus being in Seoul, where a new currency, S-Coin is due to launch imminently. The country’s capital plans to use its currency for public services, transportation, and paying taxes.
In Senegal, Africa, the R&B artist Akon is building a $6 billion sustainable smart city powered by their crypto-currency called the Akoin on land donated by the Senegalese government.
Other countries like China and Iran are at the other end of the spectrum when it comes to attitudes about cryptocurrencies. Both countries banned the use of cryptocurrencies this year because they were unable to control consumption. China was unable to track illegal activities using their national digital currency, and Iran could not control illegal mining, suffering from country-wide power shortages.
Last but not least, countries in Europe are joining in the digital currency adoption trend: It is now possible to pay with Bitcoin for parking tickets in two Belgian cities, and a Bitcoin ATM has been installed in London.