Ghana's central bank says they could make a digital currency
Ernest Addison, who is the governor of Ghana's central bank stated the government might make a digital version of national fiat cedi issued by the central bank in the near future. Addison's comment came during Ghana’s Annual Banking Conference this week.
He said that if it did exist it would be a stablecoin and the reason for the progress has been the rise in digital banking in the nation. In Ghana, mobile banking has increased by 70% from 2017 to 2018.
The central bank governor also stated that their national digital currency will be different from the typical cryptocurrency by definition. He explained that the CBDC will be just a digital representation of the cedi stored in reserves and will not be a new form of currency based on DLT.
It is just electronic money backed by currency, So [the central bank] 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.
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Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
