Home Cryptocurrency Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

by Serge Shlykov

The Governor of the Bank of Ghana, Emmanuel H. J. Boateng, said the digital currency will not be used for illegal activities. The governor has repeatedly described cryptocurrencies as a risk and a challenge to the state’s financial stability. His statements have been inconsistent with the stance of the central bank and the use of digital currencies has been promoted by the central bank.

The Bank of Ghana is in the process of considering the introduction of a digital currency. This has led to speculation that the government may ban cryptocurrencies altogether, but the governor recently clarified this was not the case.

Bank of Ghana Governor, Dr. John Atta Mills, has been fairly vocal on his stance towards cryptocurrencies, and he has been delivering a steady stream of anti-cryptocurrency speeches. In one such speech, he said that cryptocurrencies were merely a tool for criminals, and that he would not tolerate their use. In another speech, he claimed cryptocurrencies would take away the anonymity of Ghanaians and make them vulnerable to fraud. On the same day, he claimed that Ghana’s central bank was in the advanced stages of introducing a digital currency.. Read more about digital currency and let us know what you think.

The Governor of the Central Bank of Ghana, Ernest Addison, has said his institution is now at an advanced stage of adopting digital currencies. However, the digital currency – also known as an electronic cedi – must pass through three stages before it can be put into circulation.

Introduction of new fintechs by the Bank of Ghana

In his comments at the press conference on 31. May Addison also reiterated that the Bank of Ghana (BOG) is determined to uphold its reputation as an African pioneer in the adoption of new financial technologies. Governor Ernest Addison of the Central Bank of Ghana. Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims The Bank of Ghana was one of the first African central banks to declare it was working on a digital currency and was exploring the concept of the e-cedi, Addison said. Meanwhile, local media quoted the head of the SNB explaining the main steps that digital CDs must go through before they can be released. As Addison notes, digital CDs have already passed the initial phase when electronic money was designed. Once this process is complete, the BOG will move on to the implementation phase, Addison said: After the implementation phase, there will be a pilot phase where a number of people can use Cedis digital in mobile applications and other applications that are in operation. According to the governor, it is this implementation phase that will help the central bank determine the feasibility of the project.

BTC vs. eChedi

Meanwhile, Addison also used the same press conference to draw a comparison between unregulated cryptocurrencies like Bitcoin (BTC), which are too volatile to act as a currency, and the government-backed Cedi. Addison said he favors central bank digital currencies: I think there is a lot more focus now on digital currencies, backed by the government, backed by the central banks. These private forms of money are in fact incapable of performing the function of money effectively. Ghana is now one of the few countries on the African continent that have taken concrete steps in this direction after this discovery. Many other African countries have not yet made comparable progress. What do you think of the SNB’s statement that it is at an advanced stage of launching a digital currency? Tell us what you think in the comments below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Ghana’s central bank governor has repeated previous claims against cryptocurrencies, saying the virtual currency is a “scam”. Dr. Phillip Amoako-Adjepong, Governor of the Bank of Ghana, has not changed his position on the issue. He said he has “no plans whatsoever to ask the Bank of Ghana to regulate the use of cryptocurrencies.” In a statement, Dr. Amoako-Adjepong said:  “The Bank of Ghana is still in the very early stages of understanding the technology behind cryptocurrency and its implications on the financial system.”. Read more about why is cryptocurrency valuable and let us know what you think.

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