According to Elsie Addo Awadzi, a Deputy Governor of the Bank of Ghana, plans to establish a digital currency are far advanced.
The central bank said last month that it will begin a three-phased trial of the currency to assess its viability and eventual circulation.
Madam Awadzi told the press at a news conference held by the Finance Ministry that further work had been done to evaluate the feasibility of the e-Cedi.
“Through our Governor, we stated that we were looking into launching a central bank digital currency. This has been introduced by a number of central banks across the globe. We’ve also started a test to determine whether we can have a digital money. We think that this has a lot of potential for the future of a cashless society.”
“It’s still very early days,” she added. There is presently a lot of effort being done to investigate the region and determine whether it is feasible for Ghana. And we’ll be able to disclose our results at the right time.”
Elsie Awadzi also reaffirmed the public’s warning that cryptocurrencies’ operations are presently unregulated due to their volatility.
“We have made a public statement to the effect that we do not presently have a regulatory framework for cryptocurrencies, and as a result, we have issued a public warning,” she said. It’s a brand-new field. We’re still trying to figure out what the danger is. We will make our policy statement public as soon as possible.”
“Crypto assets and other forms of digital currency are a major source of worry for AMLCFT across the globe, which is why we are being cautious and advising the public to be cautious. And that’s an area we’ll continue to keep a close eye on,” she said.
Ghana’s government has been actively pushing a cashless and digital economy. The acceptance and development of digital technology, particularly digital payment systems, has provided possibilities for both companies and people throughout the years.
This is why Ghana’s central bank, the Bank of Ghana, is planning to launch the e-Cedi, a digital money.
According to the Governor of the Bank of Ghana, this step would increase financial competition, promote financial inclusion, and shift the country away from a cash-based economy.
Source: CITINEWSROOM
