Ghana Central Bank Announces Launch of Regulatory Sandbox
Ghana’s recently launched regulatory and innovation sandbox is the latest proof of the central bank’s commitment to a regulatory environment that promotes “innovation, financial inclusion and financial stability,” a statement released by the Bank of Ghana has said. According to the central bank, innovations that are eligible for inclusion in the sandbox include digital financial service technology which is deemed to be new or “immature.” Fostering ‘Innovation and Financial Stability’ The Ghanaian central bank has touted the recently....
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The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. BOU Launches Regulatory Sandbox for Fintech In its statement on June 15, the BOU says it is now inviting more firms to develop and similarly test their financial innovations under this framework. Meanwhile, the BOU statement also expands on why the central bank has....
The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies.
Violators Face Possible Prison Time
The Ghanaian central bank has reminded the public that the practice of receiving or making payments for goods and services in foreign currency without its express authorization is still prohibited. The bank also similarly warned....
In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency.
Benefits of a CBDC
The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currency’s design as well as the benefits it will bring....
The Central Bank of Ghana has stated that inclusivity will be a major feature in its planned digital currency, the eCedi, and that the money will be made available to those who do not have a bank account or even internet access. The bank proposed the usage of hardware wallets and other devices with the […]
The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participating in the regulatory sandbox. The central bank’s position follows its deliberations with a team from the Blockchain Association of Uganda (BAU).
BAU Members Asked to Acquaint Themselves Sandbox Regulations
The Ugandan central bank has said following talks with the team from the BAU, it is now open to the idea of having crypto firms participate in its regulatory sandbox. Consequently, the central bank has asked members of the BAU that may want to join the sandbox to familiarize....