Ghana ponders over issuing central bank digital currency

Thursday 28 November 2019 10:40 CET | News

The governor of the West African nation’s central bank, Ernest Addison, has said that Ghana could issue a digital form of the nation's currency, the cedi, in the ‘near future’, according to CoinDesk.

At the moment the bank is in talks to develop a pilot project in a ‘sandbox environment’. A reason behind this announcement could be that ‘mobile money’ transfers in Ghana increased by 70% from 2017 to 2018.

Addison said he had authorised the central bank to issue mobile money backed 1:1 by cedi and held in electronic wallets. However, he said the mobile money would be different from cryptocurrency, according to Ghanaian news website MyJoyOnline.

The technology behind Addison’s proposed ‘e-cedi’ digital currency is as yet unclear. It is aimed to be electronic money backed by currency, therefore the central bank cannot create money; they are only having an electronic representation of the cedi that the Bank of Ghana puts into circulation.
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Keywords: Ghana, central bank digital currency, bank, cryptocurrency, mobile money, mobile wallet
Categories: DeFi & Crypto & Web3
Countries: Ghana
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