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Ghana to test offline transactions for CBDC

Wednesday 20 October 2021 12:58 CET | News

Ghana has announced it is working on offline capabilities for its forthcoming central bank digital currency (CBDC) in a bid to promote its use across all segments of Ghanaian society.

The country’s digital currency ‘e-cedi’ will support offline transactions during the Ghana Economic Forum on Monday. Offline functionality will allow Ghanaians who lack reliable access to electricity and internet connectivity to embrace the country’s CBDC. The e-cedi would also be capable of being used in an offline environment through smart cards.

A smart card is a plastic credit card-sized card with a chip that allows its user to transact using a pre-loaded balance. A similar system has been trialled by Oxfam to facilitate payments using the decentralised stablecoin Dai to provide relief from environmental disasters.

The announcement came just a few months after Ghanaian Vice President Mahamudu Bawumia advocated for African governments to embrace digital currencies as means to bolster trade across the continent during the Fifth Ghana International Trade and Finance Conference in July 2021.

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Keywords: CBDC, central bank, digital currency, digital assets
Categories: Banking & Fintech | Cryptocurrencies
Countries: Ghana
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