- The news was announced by Ernest Addison, the Governor of the Bank of Ghana.
- Central Bank is currently in discussion with key stakeholders.
- Possibility of issuing an e-cedi in the near future.
Post the tremendous success and growth of electronic payment systems like mobile Money, the Western African nation of Ghana might be rolling out its own cryptocurrency.
The news was announced by Ernest Addison, the Governor of the Bank of Ghana on Tuesday. “The central bank is in discussion with key stakeholders to explore a Digital Currency pilot project with the possibility of issuing an e-cedi in the near future,” says Addison.
Mobile money transaction volumes increased to 1.4 billion last year compared to 982 million in 2017. Also, Addison includes “The advanced age gives the gigantic potential to the monetary area to re-situate itself to fulfill the new buyer and business requests for budgetary administrations.”
The African cryptocurrency market is currently booming. Almost 800,00 wallets were added in the P2P trading platform, Paxful in just the last 12 months. There is massive potential for cryptocurrency in Africa as their traditional financing methods are very restrictive. There are currently 64 blockchain and cryptocurrency firms across 11 different sub-categories, including exchanges and wallets in Africa.
“Africa is once in a while referenced among the biggest markets for cryptographic money, yet it might be set to gain a sudden advantage over different markets,” says Rakesh Sharma, a business and innovation writer.
Mr. Sharma says that residents of nations fighting high swelling are probably going to pick digital money, in light of the fact that
“with their worldview of decentralization, cryptographic forms of money offer an option in contrast to appalling national bank strategies”.
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