The governor of Ghana’s central financial institution, Ernest Addison, has stated his establishment is now “within the superior levels of introducing a digital foreign money.” Nevertheless, earlier than its launch into circulation, the digital foreign money—which is also called the “e-cedi”— will first should go “by three phases.”
Financial institution of Ghana’s Embrace of Rising Fintechs
In his feedback throughout a information convention on Could 31, Addison additionally reiterated the Financial institution of Ghana (BOG)’s want to take care of its fame as Africa’s chief in relation to embracing rising monetary applied sciences.
“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 earlier than its launch to the general public. As Addison notes, the digital cedi has already gone by the preliminary part 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 part, now we have a pilot part the place just a few individuals would be capable to use the digital cedi on the cellular purposes and different purposes which can be at present working.
In accordance with the governor, it is going to be this implementation stage that may assist the central financial institution to find out the feasibility of the mission.
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 stated:
“I believe there may be much more emphasis on digital cash which is backed by the state, backed by the central banks. These personal types of cash actually usually are 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 international locations on the African continent to take concrete steps in the direction of this aim. Many different African states are but to make comparable progress.
What are your ideas on the BOG’s revelation that it’s now within the superior levels of introducing a digital foreign money? Inform us what you assume within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any injury or loss precipitated or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or companies talked about on this article.