In recent years, many countries have worked intensively to create digital currencies, making the world less reliance on cash. While many people encourage the shift because the thriving economy that we can build, others may express concern about security, privacy, and massive surveillance. I believe that both opinions are correlate to an extent; therefore, we should observe all the posibilities, so we can guarantee the desirable outcomes.
Many economies suffer from corruption, fraud, and bribery, so with digital currencies governments could track any suspicious transactions, especially in Africa. Moreover, these systems will guarantee the calculation of the global GDP (Gross Domestic Product), also countries GDP, which measures only the legal activities. For example, in Morocco, it is widely believe that Morrocan GDP (around $118 billion dollars) is includes only 80% of the real cash flow in the economy, thus currency digitalisation would be in the favore of the country.
However, despite the positive side, people are concern about their privacy with the rising of cutting-edge technologies, which help governments to conduct massive surveillance on their population to seek criminals and illegal transactions. In addition, governement must intervene to protect personal data and privacy, as well as the possible collapse of the currency in situations such as a natural disaster and the invailability of the internet, especially in rural areas.
In my opinions, governments have the decisive decision to whether make it a succesful move toward more thriving global economy. Aditionally, the emergence of advance cybersecurity crimes has raised concerns among banks, because they are the engine of the economy. Although there are many things to be afraid of, history has proved that humans are capable to find a suitable solution for each issue.