Ghana Central Bank Working to Make CBDC Available to Offline Users
The Ghanaian central bank is seeking to make its digital currency, the e-cedi, available to offline users, an official with the bank has said. Overcoming the Challenge of Limited Power According to Kwame Oppong, who heads fintech and innovation at the Bank of Ghana (BOG), the e-cedi is also expected to facilitate transactions without the need for power or connectivity. “Financial inclusion is limited by the availability of connectivity and power. What we hope to be able to do – and we’re one of the people pioneering this – is that the e-cedi would also be....
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Offline CBDC functionality will help bring financial services to Ghanans who lack access to bank accounts or an internet connection. Ghana is working to develop offline capabilities for its forthcoming central bank digital currency (CBDC) in a bid to promote its use across all segments of Ghanan society.According to a Oct. 18 report from Bloomberg, Kwame Oppong, head of fintech and innovation at the Bank of Ghana (BoG), revealed that the country's digital currency “e-cedi” will support offline transactions during the Ghana Economic Forum on Monday.Oppong emphasized that offline....
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....
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....
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....
The Bank of Ghana has said the expected implementation of the central bank digital currency will not disrupt or negatively impact the operations of mobile money operators. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well as to “fast-track cross border trade.”
CBDC to Complement Mobile Money
The Ghanaian central bank has moved to allay fears that the implementation of the central bank digital currency (CBDC) known as the e-cedi might adversely impact the operations of mobile money operators....