Utilization of Central Bank Digital Currency in Real Estate Transaction: Awareness, Adoption and Usage

Abstract

The global investment market has been titling towards tokenization using blockchain technology due to it multifaceted benefit as a smart contract application enabler. The inclusion of real estate subsector in the global investment intellect of the modern smart contract perspective is imperative. Real estate investment as a special investment option is a core aspect of the global investment market that requires huge initial capital outlay specifically in the current volatile global market variability caused by the covid-19 pandemic. Disentangling the degree of awareness, adoption and the usage as an innovative real estate smart transaction modality have become a subject of serious policy concern in the country. This study seeks to assess the level of awareness, adoption and usage of digital currency in real estate transaction in Nigeria since the introduction of the eNaira with a view to advance the understanding of the property market dynamics in Kano metropolis, Nigeria. Primary data were sourced with the aid of questionnaire survey technique administered to real estate practitioners and their clients domicile in Kano metropolis. Descriptive and inferential statistical approaches was used for the data analysis. Findings from the study shows that despites the trend in the digital currency, mutual knowledgeability in terms of awareness and adoption, its usage is low in the Kano metropolis real property market subsector of the national economy. It is on these findings that the study recommended an all-inclusive awareness campaign among the real estate practitioners and the public domain through national and state conferences, print and the social media on the benefit of utilizing eNaira. This will help in increasing government tax collections base that will engender growth and development of Kano especially in current post covid-19 pandemic era.