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Assessing global and local interest in eNaira CBDC and cryptocurrency information: implications for financial stability

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  • Ozili, Peterson K

Abstract

This paper investigates the global and local interest in internet information about cryptocurrency and the Nigeria central bank digital currency which is also known as eNaira. Granger causality test and GMM coefficient matrix methodologies were used. The findings reveal that there is sustained increase in global and local interest in internet information about eNaira in the first six weeks after eNaira adoption. Local interest in internet information about cryptocurrency in Nigeria exceeded global interest in internet information about cryptocurrency. The South-East region had the highest interest in cryptocurrency information followed by the South-South, the North-Central, the North-East, the North-West and the South-West regions. In contrast, the North-East region had the highest interest in internet information about eNaira followed by the North-West, the North-Central, the South-West, the South-South and the South-East regions. Nigeria recorded the highest global interest in internet information about cryptocurrency and eNaira while Japan and Brazil recorded the lowest interest during the period. The correlation results show a significant and positive correlation between interest in cryptocurrency information and interest in eNaira information. The granger causality results show that global interest in cryptocurrency information causes both global and local interest in eNaira information. Also, local interest in cryptocurrency information causes global interest in eNaira information. The GMM regression coefficient matrix shows a significant positive relationship between interest in cryptocurrency information and eNaira information.

Suggested Citation

  • Ozili, Peterson K, 2023. "Assessing global and local interest in eNaira CBDC and cryptocurrency information: implications for financial stability," MPRA Paper 116978, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:116978
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    References listed on IDEAS

    as
    1. Peterson K. Ozili, 2022. "Circular Economy and Central Bank Digital Currency," Circular Economy and Sustainability, Springer, vol. 2(4), pages 1501-1516, December.
    2. Max Fuchs, 2022. "CBDC as Competitor for Bank Deposits and Cryptocurrencies," MAGKS Papers on Economics 202210, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    3. Peterson K. Ozili, 2022. "Central Bank Digital Currency in Nigeria: Opportunities and Risks," Contemporary Studies in Economic and Financial Analysis, in: The New Digital Era: Digitalisation, Emerging Risks and Opportunities, volume 109, pages 125-133, Emerald Group Publishing Limited.
    4. Thomas W. Valente & Rebecca L. Davis, 1999. "Accelerating the Diffusion of Innovations Using Opinion Leaders," The ANNALS of the American Academy of Political and Social Science, , vol. 566(1), pages 55-67, November.
    5. Ozili, Peterson K, 2023. "Determinants of interest in eNaira and financial inclusion information in Nigeria: role of Fintech, cryptocurrency and central bank digital currency," MPRA Paper 116405, University Library of Munich, Germany.
    6. Wilko Bolt & Vera Lubbersen & Peter Wierts, 2022. "Getting the balance right: Crypto, stablecoin and CBDC," Working Papers 736, DNB.
    7. Ozili, Peterson K, 2022. "Can central bank digital currency increase financial inclusion? Arguments for and against," MPRA Paper 110786, University Library of Munich, Germany.
    8. Peterson K. Ozili, 2022. "Central bank digital currency research around the world: a review of literature," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 26(2), pages 215-226, January.
    9. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    internet; information; trends; eNaira; cryptocurrency; central bank digital currency; CBDC; bitcoin;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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