The central bank of the West African state of Ghana will launch the last round of testing of the state cryptocurrency in September, which will determine further plans for the release of the digital Ghanaian cedi.
Speaking at a workshop from the Journalists for Business Advocacy, Bank of Ghana First Deputy Governor Maxwell Opoku-Afari told local media that the final round of digital Ghanaian cedi testing “is scheduled to start in September.” According to him, the success of the pilot project of the state cryptocurrency will determine the next stages of its release.
In June, Governor of the Central Bank of Ghana, Ernest Addison, announced that the Central Bank is at an “advanced” stage in the development of a digital Ghanaian cedi and is ready to test it. Addison also said that the Central Bank of Ghana was one of the first central banks on the African continent to start working on its own digital currency.
In February, Bank of Ghana began partnering with the Emtech consortium to launch a sandbox for blockchain projects, government cryptocurrency and increase the availability of financial services. The Chairman of the Central Bank noted that the bank will continue to support the work of the “sandbox” for “promoting innovation.” Opoku-Afari also noted that the state cryptocurrency is fiat money, and called it “one of the types of cash.”
“The issuance of digital currency is the Central Bank’s recognition of the need for digital payments and the provision of digital financial services,” said the Deputy Chairman of the Central Bank of Ghana. “We want to develop in this area and provide a platform on which we can improve the usability of digital transactions.”
Recall that recently the regional economic union, which includes fifteen countries in West Africa, expressed concern about the growing popularity of cryptocurrencies in the region.
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