Ghana to launch Digital national currency

Ghana to launch Digital national currency

The governor of the West African nation’s central financial institution, Ernest Addison, announced  that Ghana is interested in launching a digital type of the nation’s foreign money, the cedi, in the “close to future” and is in talks to develop a pilot venture in a “sandbox surroundings.” Addison’s remarks, made at Ghana’s Annual Banking Convention, had been disclosed in a public transcript.

The Bank of Ghana governor stated Ghana is in the process speedy digitization and has a burgeoning cellular banking sector pushed by cell phones. “Cellular cash” transfers elevated by 70 p.c from 2017 to 2018, he stated. In a transfer to harness that sector, Addison stated he had licensed the central financial institution to situation cellular cash backed 1:1 by cedi and held in digital wallets. 

He added “So [the central bank] cannot create cash; they’re solely having a digital illustration of the cedi that the Bank of Ghana places into circulation. So it’s not crypto.” 

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