Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims – Economics Bitcoin News

Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims – Economics Bitcoin News

Bank of Ghana Bitcoin cedi Central Bank central bank digital currencies cryptocurrency volatility Digital Currency Economics electronic money money money function
June 4, 2021 by admin
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The governor of Ghana’s central financial institution, Ernest Addison, has mentioned his establishment is now “within the superior phases of introducing a digital foreign money.” Nevertheless, earlier than its launch into circulation, the digital foreign money—which is often known as the “e-cedi”— will first must go “by means of three phases.” Financial institution of Ghana’s
Bank of Ghana 'in the Advanced Stages of Introducing a Digital Currency'— Governor Repeats Anti-Cryptocurrency Claims

The governor of Ghana’s central financial institution, Ernest Addison, has mentioned his establishment is now “within the superior phases of introducing a digital foreign money.” Nevertheless, earlier than its launch into circulation, the digital foreign money—which is often known as the “e-cedi”— will first must go “by means of three phases.”

Financial institution of Ghana’s Embrace of Rising Fintechs

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

Bank of Ghana 'in the Advanced Stages of Introducing a Digital Currency'— Governor Repeats Anti-Cryptocurrency Claims
Ghana’s central financial institution governor, Ernest Addison.

“The Financial institution of Ghana was one of many first African Central Banks to declare that we had been engaged on a digital foreign money wanting on the idea of an e-cedi,” revealed Addison.

In the meantime, one native media report quotes the BOG chief explaining the important thing phases which the digital cedi is predicted to cross by means of earlier than its launch to the general public. As Addison notes, the digital cedi has already gone by means of the preliminary section which concerned “the design of the digital cash.”

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

After the implementation section, now we have a pilot section the place a couple of individuals would be capable of use the digital cedi on the cell functions and different functions which might be presently working.

Based on the governor, will probably be this implementation stage that can assist the central financial institution to find out the feasibility of the challenge.

BTC vs E-cedi

In the meantime, Addison additionally used the identical information convention to attract comparisons between the “unregulated” cryptocurrencies like bitcoin (BTC), which is “too risky to play the operate of cash” and the state-backed cedi. Reiterating his backing central financial institution digital currencies, Addison mentioned:

“I believe there may be much more emphasis on taking a look at digital cash which is backed by the state, backed by the central banks. These personal types of cash actually will not be capable of carry out the features of cash successfully.”

Within the meantime, with this revelation, Ghana turns into one of many few international locations on the African continent to take concrete steps in the direction of this objective. Many different African states are but to make related progress.

What are your ideas on the BOG’s revelation that it’s now within the superior phases of introducing a digital foreign money? Inform us what you suppose within the feedback part beneath.

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