A digital currency researcher is promoting the use of decentralized financial transactions such as the cryptocurrency in Ghana.

Dr. Seyram Pearl Kumah believes with the recent fluctuations in the Ghanaian economy, a digital means of transaction could stabilize the exacerbating economy.

Speaking at a public lecture series by the Ghana Baptist University College, she explained Ghana’s gradual transitioning into a digitalized economy provides a fertile ground for the cryptocurrency to be a legal tender.

"If we start using cryptocurrencies, it will help the country.  The cedi is always depreciating against the dollar. 

"With these cryptocurrencies, we don't have to deal with any Fiat currency. The value for all currencies in the world will be the same, so businesses can help stabilize the Ghanaian economy," she said. 

The recent Russian-Ukraine war has thrown many reviving economies around the globe into yet another brink of collapse.

With the astronomical price increases in global commodities, a decentralized financial system is a dint to revolutionize transactions and positively affect global economies, according to Dr. Seyram Kumah.

"Now, money is directed by software. So, the whole world economy is based on this global programmable. Very soon, all the world will stop using cash and everything will be virtualized," she said.

The cryptocurrencies have long erupted debates on international platforms as emerging, accessible and useful financial tools.

The digital currency researcher believes the adoption of a decentralized financial system could resuscitate and stabilize the country’s economy.

Despite its varied advantages, she forewarned the public against possible fraud.

"People want to have cryptocurrency, but most people don't understand how it works, or how to even get it. These scammers all around are also taking people's money from them causing problems in the system. 

"One of the disadvantages, lack of knowledge on how it works, how to get it and how to even manage it, if you have it as an asset. So I think that there should be a lot of lectures on cryptocurrency so that people know and be cautious," she said.

The public lecture series was on the theme: “The future of money; how the digital revolution is transforming currencies”.

The lecture forms part of activities for the celebration of the GBUC 2022 Week.