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The Bank of Ghana intends to pilot a central bank digital currency

central bank digital currency

The first deputy governor at the central bank of Ghana affirmed that the bank is committed to piloting a central bank digital currency.

Dr. Maxwell Opoku-Afari, the first deputy governor of the Bank of Ghana (BoG) spoke at a virtual stakeholder workshop on payment systems and services to reveal the institution’s future plans.

Ghana to pilot a central bank digital currency

Dr. Opoku-Afari said that the bank still intends to promote innovations and experiment with new concepts such as a central bank digital currency (CBDC).

The bank has established a Fintech and Innovation Office to promote the development of the payments sector and has adapted its organizational structure to cater to the need of the ever-changing industry.

Dr. Opoku-Afari assured that despite the introduction of policies to assist the growth of electronic cash payments, the bank still intends to pilot a CBDC.

Previous announcement

Ghana had announced its interest in a CBDC in the second half of 2019. At the time, the bank’s governor Ernest Addison stated that the bank was working with major stakeholders to explore a central bank digital currency.

Addison revealed that the project will be conducted in a sandbox with “the possibility of issuing an e-cedi in the future.” It wasn’t clarified whether the project will be designed on blockchain technology.

Race for a CBDC

The race for a CBDC began after Facebook’s announcement of its Libra stablecoin project. Since then, many nations have expressed their interest in the sector while a few countries have announced the development of one.

China is currently leading the race with the development of its Digital currency Electronic Payments (DCEP).

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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