According to Ghana Bank (BOG), the digital currency of Ghana’s central banks is very similar to fiat currency. This means that financial institutions as well as fintech start ups can still make value from it. Maxwell Opoku Afari, deputy governor at bog, said that the approval for the use of digital currencies will be based on the results from the pilot phase.
Ghana Bank carries out CBDC work
BOG announced that the central bank is at an advanced stage in bringing digital currency onto the market. Ernest Addison (BOG Governor) stated that the Central Bank’s decision not to issue cbdc was an attempt to maintain a strong financial position. He said that the institution will continue to invest heavily in new technologies.
As reported by local media, the first vice-governor has said that Ghana will not be piloting digital currency until September 20,21. Opoku Afari is the name he uses again. He also suggested that cbdc might improve digital transactions that are made within the country.
The digital currency is a central bank tool that confirms the need to develop digital payments and provide e-financial services. In this way, Bank Ghana will provide a platform on which we can increase the value of digital transactions, he said.
BOG’s first deputy governor stated that the digital currency had been designed by BOG to provide “all the safeguards that only such initiatives can provide.”
It is important to note that although many African central banks have indicated or disclosed different stages in their CBDC research, BOG will likely be the first African central bank to actually place the digital currency in circulation.
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