Deputy Governor of the Bank of Ghana: The central bank’s digital currency is fiat and will begin testing in September

Maxwell Opoku-Afari, deputy governor of the Bank of Ghana (BOG), said the digital currency proposed by the central bank of Ghana is similar to cash and therefore financial institutions as well as fintech startups can still create value based on it. However, he said the approval of the use of the digital currency would depend on the results of the testing phase.

Maxwell Opoku-Afari – Deputy Governor of the Bank of Ghana

Maintain the leading position

BOG was before notification that they are about to introduce a digital currency. At the time, BOG Governor Ernest Addison said the move to adopt CBDCs is in line with the central bank’s goal of maintaining the central bank’s position as Africa’s leading company in adopting new financial technologies.

As a local medium news, Maxwell Opoku-Afari has announced that Ghana will begin testing digital cedi (Ghana currency) in a sandbox environment in September 2021.

CBDC and added value

Meanwhile, Opoku-Afari said in his comment after the start of the two-day journalism training course that a digital cedi would improve digital transactions in the country.

“Digital currency is that part of a central bank that recognizes the need for digital payments and offers digital financial services. In this way, BOG will offer a platform on which we can add added value to digital transactions. “

Maxwell Opoku-Afari also stated that BOG has taken the time to develop a digital currency that is equipped with “all security features”.

While many African central banks have uncovered various stages of CBDC research or testing, the BOG will be one of the first central banks in Africa to actually launch a digital currency if it sticks to the schedules of its own roadmap.

Mr. Teacher

According to News.Bitcoin

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page