The governor of Ghana’s central financial institution, Ernest Addison, has mentioned his establishment is now “within the superior levels of introducing a digital forex.” Nonetheless, earlier than its launch into circulation, the digital forex—which is often known as the “e-cedi”— will first need to go “via three phases.”
Financial institution of Ghana’s Embrace of Rising Fintechs
In his feedback throughout a information convention on Might 31, Addison additionally reiterated the Financial institution of Ghana (BOG)’s need to keep up its fame as Africa’s chief in the case of 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 forex trying 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 anticipated to move via earlier than its launch to the general public. As Addison notes, the digital cedi has already gone via 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, we’ve got a pilot section the place a number of individuals would be capable to use the digital cedi on the cell functions and different functions which might be at the moment operating.
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 unstable 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 are usually not capable of 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 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 levels of introducing a digital forex? Inform us what you suppose within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss induced or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.