The Bank of Ghana is considering to launch its own digital currency. BoG has termed the digital currency as e-cedi that will be a digital representation of its fiat currency cedi. According to the Governor of the BoG, Dr. Ernest Addison “The Central Bank is in discussion with key stakeholders to explore a pilot project (in a sandbox environment) on central bank digital currency with the possibility of issuing the e-cedi in the near future.”
The GCB Bank of Ghana has also received a license to issue electronic money. The bank can convert cash into equivalent electronic money and back for the user’s flexibility. “It is just electronic money backed by currency,” Addison reportedly said of the mobile money at the banking event’s press conference. “So the bank cannot create money; they are only having an electronic representation of the cedi that the Bank of Ghana puts into circulation. So it is not crypto.”
Africa is Future of Bitcoin
Earlier this week, Twitter CEO had praised Africa and claimed to live off only on Crypto in his 6 months stay in Africa. His actual words were “Africa will define the future of Bitcoin”.
As we all know, Twitter CEO Jack Dorsey is a massive crypto fan. His earlier visit to Ghana, Nigeria, Ethiopia, and South Africa was dedicated to crypto adoption in Africa. However, the African continent was slow in embracing Crypto. The continent hopes to benefit this time too from his visit. With all these slow but steady changes, Africa is turning out to be a crypto hub.
Jack’s comment might seem like a catalyst for crypto adoption. However, the African continent has started adopting crypto way back. South Africa is one of the BRICS nations (Brazil, Russia, India, China, and South Africa) to enhance crypto adoption in Asia and Africa. Singer Akon is actively building his own city termed Akoin to be launched in 2020.