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Financial institution of Ghana ‘in superior levels of digital foreign money introduction’ – Governor repeats anti-cryptocurrency claims – Bitcoin Financial system Information


Ghana’s central financial institution governor Ernest Addison mentioned his establishment was now “at a complicated stage of introducing a digital foreign money”. Nonetheless, earlier than it goes into circulation, digital foreign money, also called “e-cedi”, will first must undergo “three phases”.

The Financial institution of Ghana’s membership in rising fintechs

In his feedback throughout a new convention on Could 31, Addison additionally reiterated the Financial institution of Ghana’s (BOG) want to take care of its status as Africa’s chief with regards to adopting rising monetary applied sciences.

Bank of Ghana 'in advanced stages of digital currency introduction' - Governor repeats anti-cryptocurrency claims
Ghana Central Financial institution Governor Ernest Addison.

“The Financial institution of Ghana was one of many first African central banks to say that we have been engaged on a digital foreign money by inspecting the idea of an e-cedi,” Addison revealed.

In the meantime, native media report quotes the pinnacle of BOG explaining the important thing phases that the digital cedi ought to undergo earlier than its launch to the general public. As Addison notes, the digital cedi has already gone by way of the preliminary part which concerned “designing digital cash”.

As soon as this course of is full, the BOG will then transfer on to the implementation stage. Addison defined:

After the implementation part, we’ve got a pilot part the place a couple of individuals may use digital cedi on cellular apps and different operating apps.

In accordance with the governor, it’s this stage of implementation that may assist the central financial institution to find out the feasibility of the undertaking.

BTC vs E-cedi

In the meantime, Addison additionally used the identical press convention to attract comparisons between “unregulated” cryptocurrencies like Bitcoin (BTC), which is “too unstable to play the function of cash” and the state-backed cedi. Reiterating her help for central financial institution digital currencies, Addison mentioned:

“I feel there may be much more emphasis on digital foreign money which is backed by the state, backed by central banks. These personal types of cash are actually not in a position to carry out the capabilities of cash successfully.

Within the meantime, with this revelation, Ghana turns into one of many few nations on the African continent to take concrete steps to attain this aim. Many different African states have but to make related progress.

What do you consider BOG’s revelation that it’s now within the superior levels of introducing a digital foreign money? Tell us what you suppose within the feedback part under.

Picture credit: Shutterstock, Pixabay, Wiki Commons

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