[2019-12-01] Ghana To Introduce An Electronic Version of the Cedi

[S3cco]

Bitcoin Garden: Ghana To Introduce An Electronic Version of the Cedi
https://bitcoingarden.org/ghana-to-introduce-an-electronic-version-of-the-cedi/

BOG has announced plans to introduce E-Cedi in the future to enhance digital financial services in the country, according to reports by Citi FM Business News.

Reports by the Bank of Ghana show an increase in digital transactions fulled by mobile money. On the other hand, cheques issued by commercial banks have decreased substantially in parallel to the growth of Mobile Money.

In the first half of 2019, Ghana recorded a total of 140 billion Ghana cedis, which is a 34 percent increase from the 104 billion recorded in the same period last year.

Bank cheques have seen a massive drop from 3.6 million Ghana cedis in the first half of 2018 to 3.3 million Ghana cedis in the same period in 2019.

The Bank of Ghana made mention of its plans to introduce an electronic version of the Cedi at the 23rd National Banking Conference. The Governor, Dr. Addison, said the E-Cedi would help promote digitization in the financial sector....

[disconnectme]

I am not surprise seeing Ghana looking into this direction, they are more open to new ideas than most of the African countries and no what they are doing. I was thinking it is going to be Rwanda before that will start this but good Ghana is betting them to the game,

[pant-79]

From prior research into Africa, I have seen that Nigeria seems to be the most active country in Cryptocurrency so I was expecting something like this to come from them, but let's wait and see how it turns out, I doubt that the E-cedi would have any component of blockchain technology in it, maybe it would be something like PayPal funds or something, only time will tell.