The Bank of Ghana says it is considering the possibility of issuing a digital currency – ‘e-cedi’ in the near future.
According to the Governor of the Bank of Ghana, 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.”
Speaking in a press conference on Monday, Dr Addison said, in an increasingly digitized environment, the BoG has evaluated its role in a digital economy.
Electronic money
Meanwhile, the BoG says it has granted GCB Bank Ghana authorisation to issue electronic money similar to what is popularly known as “mobile money”.
Dr Addison said, “In its issuance of electronic money, GCB Bank would create electronic value backed by equivalent cash which will afford customers to have access to electronic wallets issued by GCB Bank (Ghana). The GCB Bank plans to leverage on its 189 branch network to offer its own agency banking services.”
He clarified that this is not a form of cryptocurrency or a bitcoin, “it is just electronic money backed by currency. So GCB 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.”
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Forestry guard’s body discovered in bush after manhunt
6 minutes -
Fight against illegal mining: Seven arrested at Abora
28 minutes -
Ablekuma North Rerun inflames Ghana’s pervasive electoral violence crisis
58 minutes -
Soldier who rejected ‘galamsey’ bribe secures promotion and UN posting
1 hour -
Bailiff jailed four years for forging judge’s signature
1 hour -
Swiatek smashes Anisimova 6-0, 6-0 to claim Wimbledon crown
1 hour -
We least expected Justice Blay to speak ill about the club – Kotoko respond
1 hour -
John Mahama: ‘When the world is unpredictable, people head to gold’
1 hour -
Small-Scale Miners Association chair refutes allegations of interfering in anti-galamsey taskforce operations
1 hour -
Ablekuma North violence: Ghana’s democracy on a knife’s edge – Prof Kwesi Aning warns
2 hours -
Paediatric Society of Ghana launches National Child Road Safety Campaign
2 hours -
We need to tighten security ahead of future elections – NDC’s Nuong Faalong urges
2 hours -
Ablekuma North violence ‘sad and unfortunate’ – Sulemana Braimah
2 hours -
President of Concerned Small Scale Miners refutes allegations of intervening in Anti-Galamsey Taskforce operations
2 hours -
Ablekuma North violence not an isolated incident – NDC’s Nuong Faalong
2 hours