Categories
Blockchain News Coin News

Bank of Ghana Deputy Governor Says ‘Central Bank Digital Currency Is Fiat Money,’ Reveals Pilot Phase Will Start September

Ghana’s proposed central bank digital currency is similar to fiat cash and therefore financial institutions, as well as fintech start-ups, can still create value based on it, a Bank of Ghana (BOG) official has said. Still, the official, Maxwell Opoku-Afari, the BOG’s deputy governor, says approval for the use of the digital currency will depend on the outcome of the piloting phase.

Maintaining Ghana’s Lead

As previously reported by Bitcoin.com News, BOG announced it was in the advanced stages of introducing a digital currency. At the time, BOG governor, Ernest Addison said the central bank’s move to introduce the CBDC fits with its objective of maintaining the central bank’s position as Africa’s leader when it comes to embracing emerging financial technologies.

However, as one local media outlet reports, the first deputy governor has now revealed that Ghana will start piloting the digital cedi in a sandbox environment in September 2021.

CBDCs and Value Additions

Meanwhile, in his comments after the start of a two-day journalist training event, Opoku-Afari suggested a digital cedi would enhance digital transactions in the country. According to one report, Opoku-Afari said:

Digital currency is part of the central bank acknowledging the need for digital payment and digital delivery of financial services. By this, the Bank of Ghana will provide a platform on which we can add more value to digital transactions.

The first deputy governor also explained that the BOG had taken its time to design a digital currency that comes with “all the security features.”

While many African central banks have signalled or revealed the different stages of their CBDC research or piloting, BOG will be one of the first central banks on the continent to actually roll out digital currency if it adheres to the timelines of its own road map.

What are your thoughts on the latest remarks by a Bank of Ghana executive? Tell us what you think in the comments section below.

Bitcoin News
Fintech, Bank of Ghana, CBDC, Central Bank, Digital Currency, Digital Money, digital payments, digital transactions, fiat money, Financial Services

1% Deposit Bonus & Withdrawal Fees On Crypto Deposit in BuyUcoin

BuyUcoin giving 1% deposit bonus on crypto and reimbursement of crypto withdrawal fees for Indian user who have funds on banned crypto exchange. In the wake of the recent ban ...
Read More

A Decade in the Making: US SEC Approves 11 Bitcoin ETFs, Igniting Market Enthusiasm

After years of anticipation and regulatory scrutiny, the U.S. Securities and Exchange Commission (SEC) has granted approval to 11 Bitcoin ETFs applications, marking a significant milestone in the cryptocurrency and ...
Read More

Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Everyone wants to know that bitcoin will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved? We talk about the Bitcoin ETF, an important part in the cryptocurrency space. According ...
Read More

10 Must-Have Features on Bitcoin Staking Site

Crypto has provided many benefits for online gambling, and almost all relevant gambling sites now offer it as a payment method.  With so many gambling sites, players, especially those without ...
Read More

Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Happy Cryptomas to all of you! During the bullish state of the crypto market, margin-lending platforms and decentralised exchanges were the most often used DeFi protocols. Bitcoin is Up 167% so ...
Read More
Share with Others