Ghana Exploring Digitized National Currency, Says Central Bank Exec
Governor of the Bank of Ghana Ernest Addison said that the republic is studying the prospects for issuing a digital analogue of the national currency.
According to the economist, the Central Bank is working with key stakeholders to develop a pilot CBDC project. Initially, the system will be launched in «sandbox», and after testing they will consider the possibility of emitting electron ced.
The digital currency will be issued by the Commercial Bank of Ghana, the country’s largest private bank. He will have to not only create e-money, but also provide it with an equivalent amount of cash so that customers can get free access to mobile wallets.
Speaking at the National Banking Conference, Ernest Addison did not go into technical details, so it is not known for sure whether blockchain technology will be used. However, he said that the pilot project will be implemented within the framework of the national program for the digitalization of the financial sector..
In conclusion, he added that the initiative is aimed at increasing the stability of banking activities..
Ghana is not the first African country to launch its own digital currency. Similar plans were also announced in August Central Bank of Rwanda.
text: Ivan Malichenko, photo: Bloomberg