Bank of Ghana Plans To Launch CBDC Pilot & Study Crypto To Legalize

African nation Bank of Dhana announced their plan to launch central bank digital currency (CBDC) to boost their economy and enhance the potential of their financial ecosystem. And also they created a team to study ” Cryptocurrency”, so that they can plan to legalize Crypto assets.

In the present time adoption of Blockchain technology is increasing at tremendous level and almost every country is ready to adopt cryptocurrency & Blockchain technology adoption in their existing financial infrastructure except few countries like China which is only adopting Blockchain for their CBDC & are against cryptocurrency legalization/adoption.

Related: China Announced Central Bank Digital Currency (CBDC)

Maxwell Opoku-Afari, Deputy Governor of African nation, told Modern Ghana on Friday that they will launch CBDC by September 2021. 

Opoku-Afari claimed that they will boost their economy in the present time competition of existing financial infrastructure at global level and also they will promote their financial efficiency & stability of the payment system.

According to a report, most of the Ghanaians are not comfortable with the use of banking services in Ghana because the banking services are not meeting their requirements perfectly. Formerly we can say banking services have failed to provide the best facilities, so most of the people rely on the non-bank mobile money services. 

There are many services which provide e-money services but are not backed by Cash. With the consideration of this issue, the First Deputy Governor said:

“The mobile money transactions are not backed by cash and hence limiting the value addition. The central bank’s digital currency is fiat money, it is cash on its own so that financial institutions like the banks and Fintechs will be able to create value addition on the digital cash.”

 Also the Central Bank of Ghana claimed that if they launch CBDC then surely their citizens will rely on official national bank services. Instead to go with e-money services. 

Mr. Opoku-Afari also said that, while cryptocurrency is not legal in Ghana, we still created a team that is studying ” Cryptocurrency”.Because we can’t ignore the potential of such technology.

Read also: Bitcoin Price May Dump to $10,000 : Guggenheim CIO