Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency

Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency

In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). tudi, in the document, the banks governor insists the institution is open to suggestions that will help it to successfully launch the digital currency.

Vsebina

Benefits of a CBDC

The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currencys design as well as the benefits it will bring to the Ghanaian economy.

As previously reported by Bitcoin-Tidings.com News, the Bank of Ghana (BOG) began developing its CBDC sometime in 2021 and there were hopes it would start piloting the digital currency before the end of that year. V avgustu 2021, it was poročali the BOG had selected Giesecke Devrient to become its implementation partner. Before that, Ghanas vice president, Mahamudu Bawumia, imel praised the central banks plan to issue the digital currency. He also said such a currency could boost intra-Africa trade.

Po drugi strani, some stakeholders like the blockchain lobby group, Afroblockswhich claimed it was not consultedurged the central bank to design a digital currency that is not based onold traditional siloed financial thinking.Doing this enhances the e-cedi chances of success, Afriblocks argued.

Vendar, in a statement accompanying the dokument, the BOG governor, Ernest Addison, appears to respond to concerns raised by critics. In his statement, Addison asserts that the BOG wouldextensively engage stakeholders to the extent possible for their active participation and successful implementation.

Finančna vključenost

Elsewhere in the document, the BOG said itconsiders CBDC to be of strategic importance to a progressive and digitally inclusive society.It adds it has since developed the digital currency so it can meet the central banks strategic goals and one of these are fostering financial inclusion.

The design principles of the e-Cedi, in particular accessibility and consecutive offline payments would contribute to the governments objectives of digitizing the Ghanaian society and promoting financial inclusion,” reads the document.

The other strategic goals that must be met by the digital currency include helping to digitize the economy as well as enhancing consumersadoption of digital payments. The BOG also claims the e-cedi would address the risks that are posed byunregulated privately issued digital currencies.A digital cedi would, po drugi strani, be able tomeet the demand for digital currencies without posing systemic risks.

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