Ghana’s digital cedi must emulate cryptocurrencies, Afroblocks states
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....
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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....
Originally specialized in currency and securities printing, Giesecke+Devrient has been increasingly working with central banks like the Bank of Thailand in piloting CBDCs. The Bank of Ghana (BoG) is making another step towards the development of a central bank digital currency (CBDC) by partnering with a German currency technology provider.The BoG officially announced Wednesday that it signed an agreement with German banknote and securities printing company Giesecke+Devrient (G+D) to pilot a retail CBDC in Ghana, West Africa.As part of the agreement, G+D will provide its proprietary CBDC....
Ghana is striving to become the first African nation to float a central bank digital currency. The Bank of Ghana (BoG) is reportedly moving towards the introduction of a central bank digital currency (CBDC) experiment.Speaking during a news conference in Ghana’s capital, Accra, on Monday, Ernest Addison, governor of the country’s central bank revealed that the BoG was in the advanced stages of creating a CBDC.As part of his address, Addison said that the planned e-cedi will pass through developmental and evaluation phases before a decision will be made on a national rollout.According to....
Just days after registering marginal gains against the U.S. dollar, the Ghanaian currency — the cedi — slipped to C14:$1 versus the U.S. dollar on the foreign exchange parallel market on Nov. 7. The cedi’s reversal is said to have dented the currency’s recovery prospects. On the other hand, Ghana’s former president John Mahama and economist Steve Hanke have suggested that the country’s inflation rate is much higher than the 37.2% which was recorded in September. Cedi’s Interbank Exchange Rate Unchanged Just days after it marginally recovered from an all-time....
In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more. Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency, the cedi, continued its slide versus the....