Copy link
Increase text size
Decrease text size
Link copied

Bank of Ghana mulls launching central bank digital currency pilot project

Wed, 27 Nov 2019, 12:07 pm UTC

The Bank of Ghana (BOG) is the latest central bank that is considering issuing a digital currency.

Speaking at the 23rd Annual Banking Conference of Chartered Institute of Bankers, Ghana, BOG Governor Ernest Addison said:

“The Bank of Bank is also in discussion with key stakeholders to explore a pilot project (in a sandbox environment) on central bank digital currency [CBDC] with the possibility of issuing an e-cedi in the near future.”

Noting the rapid changes brought on by financial technologies, Addison said that the resulting Digital Financial Services (DFS) presents a great opportunity for people to access “affordable, convenient and secure banking services.”

“The potential for growth is evident; mobile money transaction volumes alone increased from 982 million to 1.4 billion between 2017 and 2018. This consistent growth pattern underscores the sustainable nature of opportunity for the banking sector,” he added.

BOG acknowledges blockchain potential

Last year, the BOG issued a notice stating that the use, holding, and trading of cryptocurrencies are not licensed under the Payments System Act 2003. It also emphasized that it recognizes the potential of blockchain technology, saying:

“While the Bank of Ghana acknowledges the enormous potential in the blockchain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the blockchain technology into digital currencies would fit into the global financial and payments architecture.”

A number of central banks around the world have been exploring the possibility of issuing a CBDC including the People’s Bank of China (PBoC), the Riksbank, the Bank of Canada, the Bank of Thailand, Norges Bank, and others. More recently, Turkish President Recep Tayyip Erdogan mandated the development of the country’s CBDC to be finished by 2020.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,806.84 (+0.17%)
  • Ethereum (ETH) $268.91 (+7.48%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $413.03 (+6.77%)
  • Bitcoin SV (BSV) $319.37 (+17.99%)
  • Bitcoin (BTC) $9,806.84 (+0.17%)
Feb 18, 2020 (Tuesday)
Binance launches cloud solution to simplify launching cryptocurrency exchanges
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
Crypto asset custodian Copper raises $8M in Series A round
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
Central Bank of The Bahamas to roll out CBDC in H2 2020
Stellar Development Foundation joins Blockchain Association
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
Binance applied for an operating license in Singapore, CEO confirms
IOHK establishes new research lab at University of Wyoming
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.