The Bank of Ghana (“BOG”) recently announced its readiness to launch the pilot phase for Ghana’s first digital currency by September of this year. In the interim, a sandbox will be operated to ensure that the currency is designed with all necessary security features before introducing it to the general public as legal tender. This digital currency will be fiat money to give Banks and Fintechs the unlimited ability to create value addition.
It is expected that the digital currency, also known as the e-cedi, will help shape the use of other digital currencies such as the cryptocurrency, advance financial inclusion, promote stability of payment systems, and foster competition in the financial sector.
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