Ghana Gearing for Central Bank Digital Currency Pilot

In June 2020, the central bank confirmed that it was ready to pilot an experimental e-cedi project. “From that pilot, we will be able to determine whether this is feasible and what sort of things need to be tweaked to make it work effectively,” the central bank governor added. “Nigerians are investing in cryptocurrency as a means of store value and to carry their funds outside the shores of the country,” said Ayodeji Ebo, https://latamcoinnews.com/elon-musk-tempts-mcdonalds-to-accept-dogecoin-mcdonalds-replies-only-if-tesla-accepts-grimacecoin/ head of retail investment at Lagos-based investment firm Chapel Hill Denham. It is also seen as an attempt to replace cryptocurrencies as it may be used internationally. The People’s Bank of China is aiming for increased domestic use of the digital yuan by the 2022 Winter Olympics in Beijing. He said in the final stage, a pilot would determine whether the digital currency will be feasible before it goes into circulation.

According to the Bank of Ghana, it is hopeful that the new currency will serve as an alternative to physical cash and strengthen Ghana’s agenda to digitise its national payment infrastructure. The design of Ghana’s first virtual currency should consider strong and better governance, backing, issuing, programmability, Interoperability with existing platforms, and Mobile Money specifically and Circulation. Tanzania has also recently performed a crypto ban u-turn following President Samia Suluhu Hassan’s directive. The country is now looking at how it can implement blockchain technology to benefit the country. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider.

According to the Central Bank, it will do the piloting in partnership with German banknote printer Giesecke+Devrient. World globe An icon of the world globe, indicating different international options.” Private intermediaries would distribute these euros to the users, and manage transactions in… The Central Bank of the Republic of Turkey has conducted the first payment transactions on the test network of the digital lira. Francois Villeroy de Galhau, the Bank of France’s governor, has urged for more stringent licensing requirements for crypto companies in France, citing the…

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• The country joins Nigeria and Tanzania who are also working on blockchain technology adoption and CBDCs.

• Risk Reduction — There is no need for intermediaries for payments as these will be done in real-time and instantly with verifications. • Combating Crime and Illicit Activity — Virtual currency gives you the visibility of your financial ecosystem and can instantly reverse or flag fraudulent and illicit transactions. • Tax Collection and GoG Payments — This will strengthen our tax collection matrix and make evasion extremely difficult. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. Opoku-Afari also gave more information on the CBDC while speaking at a recent workshop, stating that the CBDC is expected to be piloted from September this year. The rise of Central Bank Digital Currencies continues to see adoption across the globe.

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Detailing the process made so far, Addison said that the design phase is already nearing completion with the implementation team on standby for phase two. The pilot study will reportedly involve a limited rollout of the planned e-cedi for mobile payments. In spite of the central bank ban, many Nigerians still skirt traditional sectors to use cryptocurrency for overseas transactions. Nigeria’s central bank earlier this year ordered lenders to stop facilitating cryptocurrency transactions over allegations they were being used for money laundering and terrorism financing. “The CBN will rely on the company’s tested and proven digital currency experience, which is already in circulation in several eastern Caribbean countries,” the Central Bank of Nigeria said.

In the pilot phase, a user group of diverse demographic and socio-economic backgrounds would test the solution in the field using different channels and form factors such as mobile apps and smart cards. To two implementers of the digital currency have since signed an agreement to see to the success of the project, which would be a precursor to the issuance of a national digital cedi. The central bank hopes the new currency will serve as an alternative to physical cash and strengthen Ghana’s push to digitise its national payment infrastructure. News aggregator IqFin.net – all main news from the world of finance, investment, business, stocks, cryptocurrencies, bonds, commodities, technology from the top sources around the world.

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BOG recently partnered with Emtech — a digital transformation consortium — to launch a sandbox targeting blockchain, central bank digital currencies and financial inclusion. A growing number of IT firms are hoping to collaborate with Bank of Korea on a project to jointly promote Central Bank Digital Currency , a central bank-issued digital https://latamcoinnews.com/ currency that will represent the country’s official currency in digital form. Commenting on Bitcoin and cryptocurrencies, the central bank governor warned investors to be wary of the volatility of virtual currencies. According to Addison the unstable nature of crypto prices makes them unsuitable as a unit of account and medium of exchange.

These private forms of money really are not able to perform the functions of money effectively,” he said during a press conference, perCoindesk. Ghana’s central bank governor, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.” In Ghana’s capital, Accra, on Monday, Ernest Addison, governor of the country’s central bank revealed that the BoG was in the advanced stages of creating a CBDC.