Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-03-16 09:44:43

Ghana Releases Design Paper of Its Central Bank Digital Currency

The central Bank of Ghana has released the latest report outlining the key aspects of its plans for a central bank digital currency (CBDC). Financial Inclusion through eCedi In its design paper, the central bank highlighted that the digital currency would function widely on a popular payment platform run by mobile-phone service providers. As mobile and card-based payments are already popular in the West African nation, therefore, the eCedi will complement existing digital payment networks, according to the central bank. “It is important that the eCedi is implemented to complement and enhance the existing payment systems. The various existing electronic and mobile payment solutions will therefore have to be interoperable with the eCedi to enable their utilization of the eCedi.” The central bank also wants to ensure that through the use of the eCedi, there is an improvement in financial inclusion, however, it didn’t specify how this would be accomplished. The plans for an offline wallet were also included in the eCedi’s offline functionality to bring unbanked individuals under the CBDC system in addition to developing smart cards, and smart wristbands to facilitate offline peer-to-peer transactions. Ghana unveiled plans for the eCedi last year and is currently being developed with German payments firm Giesecke+Devrient.The post Ghana Releases Design Paper of Its Central Bank Digital Currency appeared first on Cryptoknowmics-Crypto News and Media Platform.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.