Bank of Ghana announced it is planning to create its own Digital Currency

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Bank of Ghana announced it is planning to create its own Digital Currency

eBitcoinics News 27 Nov, 2019 news.eBitcoinics.com Views: 618

The IMF this year had called on Central Banks across the board to consider the fact of creating a central bank digital currency or face extinct, the Chief Executive had been cited on various occasions stating the need for the central banks to look into the digitization of national currencies.

It looks like most of the countries mainly in the 3rd world are beginning to look in that direction. Some days ago the Central bank of Morocco’s senior officer is cited to have praised the blockchain technology for been “DISRUPTIVE” and technology worth looking at.

Ghana is of no exception, early 2017 the Governor of the Bank of Ghana had stated its intention to understudying the blockchain technology and its potentials.

During the 23rd National Banking Conference held in Accra, Governor of the Bank of Ghana in his speech announced the institution’s intent as it is considering the release of Digital Cedi. As the institution believes the introduction will scale up financial access for Ghana’s economic transformation.

He said; “The Bank of Ghana is also in discussion with key stakeholders explore a pilot project on central bank digital currency with the possibility of issuing the digital currency in the nearest future, the opportunities of digitizing financial services are enormous and can be explored effective to scale up financial access for the Nation as it is in line with its economic transformation agenda. The pilot is believed to be done in a Sandbox environment."

The Governor communicating with Citi-FM an Accra based radio station stated that creation of a digital currency forms part of the Bank of Ghana’s effort to regulate the financial sector, citing that the future of financial services is Digitization. But, it raises some key strategic issues for the banking industry including how each institution can leverage digital financial service technologies for growth; whether through competition or partnerships.

The growing trend of digital payments in developing markets usually comes with several regulatory issues that have to be taken care of by central banks.

The introduction of financial and payment services like Mobile Money had been disruptive as statistics shows that transactions on the network had increased to some 34% in the first quarter of the 2019 financial year and the issuance of cash cheque had rather decreased over the period.

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Bank of Ghana announced it is planning to create its own Digital Currency

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