{"id":11097,"date":"2021-08-17T09:54:06","date_gmt":"2021-08-17T09:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-ghana-urged-to-resist-developing-a-cbdc-based-on-old-traditional-siloed-financial-thinking\/"},"modified":"2021-08-17T09:54:06","modified_gmt":"2021-08-17T09:54:06","slug":"bank-of-ghana-urged-to-resist-developing-a-cbdc-based-on-old-traditional-siloed-financial-thinking","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-ghana-urged-to-resist-developing-a-cbdc-based-on-old-traditional-siloed-financial-thinking\/","title":{"rendered":"Bank of Ghana Urged to Resist Developing a CBDC Based on \u2018Old Traditional Siloed Financial Thinking\u2019"},"content":{"rendered":"

A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the \u201cold traditional siloed financial thinking.\u201d <\/strong><\/p>\n

Afroblocks Not Consulted<\/h2>\n

Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate \u201cfinancial projects that are borderless and decentralized like modern-day cryptocurrencies.\u201d According to Omar Majdoub, one of the association\u2019s co-founders, doing this will increase the likelihood of the CBDC\u2019s success.<\/p>\n

These remarks by Afroblocks\u2019 Majdoub follow the BOG\u2019s recent release of a press statement in which it reaffirms the central bank\u2019s desire to be one of the first countries in Africa to launch a CBDC. As reported<\/a> recently by Bitcoin.com News, the BOG has selected a Germany-based firm as its technology partner for its CBDC project. The firm, Giesecke Devrient, is tasked with the job of providing \u201cthe technology and a solution that suits Ghana\u2019s requirements.\u201d<\/p>\n

Still, despite the BOG\u2019s seeming willingness to engage with organizations that have the relevant experience and expertise, Afroblocks\u2019 Majdoub claims that Afroblocks has not been consulted. Majdoub explained:<\/p>\n

We were never consulted about this initiative, all the facts we know are what was in the BOG\u2019s public releases. In fact, public details on the CBDC are very sparse. We would be more than willing to contribute our expertise if called upon.<\/p>\n

Ghana\u2019s Unclear Stance on Cryptocurrencies<\/h2>\n

Meanwhile, the Afroblock co-founder also suggested that the BOG\u2019s continuing failure to clarify \u201cif cryptocurrencies and decentralized finance will play any role in their upcoming CBDC\u201d means there has been no change in the country\u2019s stance towards crypto assets. While Ghana does not officially regulate cryptocurrencies, this lack of clarity, unfortunately, creates an atmosphere that is not crypto-friendly, laments Majdoub.<\/p>\n

<\/p>\n

Despite the perceived snub, however, the Afroblocks leader nonetheless offered the BOG some advice on what the central bank still has to do to ensure the success of the e-cedi. Majdoub explained:<\/p>\n

We would advise them to learn more about modern cryptocurrencies, and reach out to crypto communities in Ghana and abroad. So that they can better integrate and make allowances for modern crypto into their CBDC. Many young Ghanaians have been finding great opportunities in the exploding international cryptocurrency space.<\/p>\n

Finally, Afroblocks urged the BOG to make \u201cmore information about the CBDC plans available to the public.\u201d At the same time, the central bank needs to \u201cmake very clear their intentions regarding cryptocurrencies.\u201d<\/p>\n

Do you agree that the BOG needs to consult players in Ghana\u2019s blockchain space? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nFintech, Afroblocks, Bank of Ghana, CBDC, Cryptocurrencies, e-cedi, Ghana crypto regulation, Giesecke Devrient<\/p>\n","protected":false},"excerpt":{"rendered":"

A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the \u201cold traditional siloed financial thinking.\u201d Afroblocks Not Consulted Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate \u201cfinancial projects that are…<\/p>\n","protected":false},"author":0,"featured_media":11098,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11097"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11097"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11098"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}