{"id":326535,"date":"2021-08-17T15:05:40","date_gmt":"2021-08-17T12:05:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ghanas-digital-cedi-must-emulate-cryptocurrencies-afroblock-states\/"},"modified":"2021-08-17T15:05:40","modified_gmt":"2021-08-17T12:05:40","slug":"ghanas-digital-cedi-must-emulate-cryptocurrencies-afroblock-states","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ghanas-digital-cedi-must-emulate-cryptocurrencies-afroblock-states\/","title":{"rendered":"# Ghana’s digital cedi must emulate cryptocurrencies, Afroblock states"},"content":{"rendered":"

“# Ghana’s digital cedi must emulate cryptocurrencies, Afroblock states <\/strong>”
\n<\/p>\n

The latest central bank digital currency (CBDC) initiative from Bank of Ghana (BoG) met with skepticism as Afroblocks, an in-house independent association, speculates lack of clarity on the central bank\u2019s intentions.\u00a0<\/p>\n

Afroblocks (previously Blockchain Society Ghana) has warned<\/a> BoG to steer away from \u201cold traditional siloed financial thinking\u201d while planning and developing its digital currency. <\/p>\n

Rather, Afroblocks co-founder Omar Majdoub said that CBDC\u2019s success in Ghana will be in its ability to emulate modern-day cryptocurrencies, i.e. being borderless and decentralized. <\/p>\n

BoG has partnered with a German securities printing firm Giesecke+Devrient (G+D) for the CBDC project, which will provide a solution based on the unique requirements of Ghana and its citizens. The partnership will see G+D use its proprietary CBDC solution Filia to issue Ghana\u2019s digital version of the cedi, which will be tested by local banks, businesses and citizens. <\/p>\n

Despite G+D\u2019s involvement in Ghana\u2019s pilot CBDC, Afroblocks co-founder Omar Majdoub noted BOG\u2019s unwillingness to discuss the developments openly with home organizations with similar experience and expertise:<\/p>\n

\u201cPublic details on the CBDC are very sparse. We would be more than willing to contribute our expertise if called upon.\u201d<\/p><\/blockquote>\n

Majdoub also questioned Ghana\u2019s stance on crypto assets as the country currently does not offer regulatory clarity related to cryptocurrencies. <\/p>\n

Rooting for the success of soon to be launched e-cedi, Majdoub urged the central bank to make its CBDC plans and \u201cintentions regarding cryptocurrencies\u201d available to the general<\/a> public.<\/p>\n

Related: Ghana’s vice president declares Africa should embrace digital currencies<\/em><\/a><\/strong><\/p>\n

Supporting BoG\u2019s move to pilot CBDC in the region, Ghanaian Vice President Dr. Mahamudu Bawumia said that a \u201csingle central payment\u201d system could catalyze trade between the African nations. <\/p>\n

At the Fifth Ghana International Trade and Finance Conference, Bawumia said that a digital payments system can rectify the costly and time-consuming process of moving goods across the African borders.<\/p>\n