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Consumer Demand for Digital Currencies Expected to Increase

Published

4 years ago

on

Crypto Currencies

Key takeaways

▪ More than three in four consumers expect their countries to become predominantly cashless within the next five years, but this move towards a cashless society is at a crossroads and varies greatly between countries.
▪ Almost four in ten consumers expect their governments or central banks to launch a central bank digital currency (CBDC) in the next three years.
▪ 37% of consumers expect their governments to officially make cryptocurrencies legal tender for transactions in their countries.
▪ Both consumers and institutions see government regulations as a barrier in the move to a cashless society, but there are clear signs this is changing, with frameworks, approaches, laws and pilot projects being introduced in several countries globally.
▪ Institutional investors and corporate treasurers expect consumer demand for digital currencies to increase. This may be intensified by the move to the metaverse, and in particular the rise of non-fungible tokens (NFTs).

HONG KONG SAR – Media OutReach – 2 June 2022 – Digimentality 2022: Fear and favouring of digital currency, a new report from Economist Impact commissioned by Crypto.com, provides a gauge of changes in consumer sentiment toward digital currencies and the trend toward a cashless society.

In 2020 and 2021, Economist Impact conducted surveys to measure the relative acceptance of digital currencies and other digital payment methods, and found that the trend towards a cashless society was growing stronger. A new survey of 3,000 consumers, and another of 150 institutional investors and treasury management respondents was launched in January and February 2022 to assess how sentiment around digital currencies has changed in the past year.

The survey finds that while the share of respondents who report that they always (as close to 100% of purchases as possible) use digital payments instead of banknotes, coins, or credit cards has remained largely similar over the past two years at 24%, more than three in four consumers expect their countries to become largely cashless within the next five years.

In fact, 18% of respondents say the country in which they live will become cashless in the next year or two, compared with 17% in 2021 and 14% a year earlier. In keeping with this trend, only 13% now say their country will never become cashless compared with 19% in 2021 and 28% in 2020.

The significance of governments’ role in this shift toward a cashless society is made clear by the survey results. For instance, among those who believe their country will become cashless, government and the public sector is seen as the biggest driver of this (49% compared with 27% in 2021).

This echoes findings from the institutional survey that regulations can enable acceptance and adoption. On the flip side, government regulations are also picked as one of three main barriers to becoming cashless by more than one in four (27%) of consumers, up from 20% in 2021.

Additionally, 37% of consumers surveyed expect their governments or central banks to launch a CBDC in the next three years. A similar share expects them to make cryptocurrencies legal tender for transactions in their countries.

The optimism around CBDCs is seen among institutions as well, with 65% saying they expect them to replace physical currencies in their countries, up from 56% in 2021. There is also optimism around growing understanding and trust of digital currencies—for example, only 35% consider that a primary obstacle to greater institutional investor or corporate treasury use of open-source digital currencies, down from 47% a year earlier. However, a larger share (41%) view regulations as a barrier this year than they did last year (32%).

Charles Ross, principal at Economist Impact and editor of this report, says: “The results of this year’s research show considerable development in the ecosystem for digital assets and currencies globally. Both consumers and institutions are more optimistic about the move to cashless today than they were a year ago and more interested in digital assets. While some barriers remain—and market fluctuations such as those we have witnessed in the crypto markets in recent months can test expectations—the shift away from physical to digital money is well underway.”

Visit impact.economist.com/projects/digimentality-2022/ for the full report.

About Economist Impact
Economist Impact combines the rigour of a think-tank with the creativity of a media brand to engage a globally influential audience. We believe that evidence-based insights can open debate, broaden perspectives and catalyse progress. The services offered by Economist Impact previously existed within The Economist Group as separate entities, including EIU Thought Leadership, EIU Public Policy, EIU Health Policy, Economist Events, EBrandConnect and SignalNoise.

We are building on a 75-year track record of analysis across 205 countries. Along with framework design, benchmarking, economic and social impact analysis, forecasting and scenario modelling, we provide creative storytelling, events expertise, design-thinking solutions and market-leading media products, making Economist Impact uniquely positioned to deliver measurable outcomes to our clients.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

Published

2 days ago

on

February 6, 2026

By

Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

Published

2 days ago

on

February 6, 2026

By

CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

Published

2 days ago

on

February 6, 2026

By

ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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