Ghana discovers offline offers for the upcoming CBDC

Ghana is working to develop offline capabilities for its upcoming central bank digital currency (CBDC) to encourage its use in all segments of Ghanaian society.

According to Bloomberg report Kwame Oppong, Head of Fintech and Innovation at Bank of Ghana (BoG), the country’s digital currency “e-cedi” will support offline transactions during the Ghana Economic Forum on Monday.

Stressing that the offline functionality will allow Ghan who do not have access to electricity and reliable internet connections to access the country’s CBDC, Oppong stated:

“E-cedi can also be used in an offline environment via some smart cards.”

A smart card is a credit card-sized plastic card with a chip that allows users to transact with a pre-loaded balance. Oxfam tested a similar system to support payments using the decentralized stablecoin DAI for environmental disaster relief.

According to World Bank data released in 2019, 84% of Ghan had a stable electricity supply, while only 53% were connected to the internet.

Related: The Ghana heads of state and government issue guidelines on central banks’ digital currencies

In August, the BoG announced that it had been working with German financial firm Giesecke + Devrient (G + D) to test a retail CBDC in Ghan.

The announcement comes just a month after Ghan Vice President Dr.

The adoption of local decentralized cryptocurrencies is also on the rise, with analytics firm Chainalysis reporting that the African crypto market has grown more than 1,200% last month since 2020.