Ghana Plans To Launch CBDC, Inclusiveness A Major Factor
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 […]
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Ghana is one of the few African countries that is hopping on the cryptocurrency train. The country is particularly taking concrete steps towards embracing this innovation. During the Fifth Ghana International Trade and Finance Conference in Accra, The Vice President of Ghana – Dr. Mahamudu Bawumia – said that African governments should embrace virtual currencies. […]
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 Bank of Ghana (BOG) says it has signed an agreement with Giesecke Devrient (GD) to implement a pilot central bank digital currency (CBDC) project. This pilot CBDC, which is a precursor to the e-cedi digital currency, is set to be tested with banks, payment service providers, merchants, consumers and other relevant stakeholders. Learning From the Trial Phase In a press release, the Ghanaian central bank says GD will provide the technology and a solution that suits Ghana’s requirements. The press statement adds that during the trial phase, a study seeking to look at “the....
A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the “old traditional siloed financial thinking.” Afroblocks Not Consulted Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate “financial projects that are borderless and decentralized like modern-day cryptocurrencies.” According to Omar Majdoub, one of the association’s co-founders, doing this will increase the likelihood of the CBDC’s....
Afroblocks’ co-founder urges Ghana’s central bank to involve the in-house crypto experience and expertise to help the e-cedi succeed. The latest central bank digital currency (CBDC) initiative from the Bank of Ghana (BoG) has been met with skepticism as Afroblocks, an in-house independent association, speculates the lack of clarity on the central bank’s intentions. Afroblocks (previously Blockchain Society Ghana) has warned the BoG to steer away from “old traditional siloed financial thinking” while planning and developing its digital currency. Rather, Afroblocks co-founder Omar Majdoub....