• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Ghana Central Bank Soon to Begin Pilot Testing Digital Currency
Central Bank of Ghana

Ghana Central Bank Soon to Begin Pilot Testing Digital Currency

June 10, 2020 by Arnold Kirimi

According to a local media outlet report, Pulse, Ghana’s Central Bank has revealed that it is closing on conducting a pilot at its digital currency (CBDC) central bank. The West African nation is exploring the potential for future issuance of a CBDC.

The Bank of Ghana has disclosed, according to the report, that it is basically conducting a test on its central bank cryptocurrency. According to the deputy governor of the central bank, Maxwell Opoku-Afari, Ghana ‘s move to digital payment solutions has recently raised the demand for a cryptocurrency in the central bank.

Central Bank of Ghana to establish a fintech regulatory sandbox

In addition, the local media outlet also points out that regulators in the African country are setting up a digital fintech sandbox to encourage innovators in the digital payments sector. The authorities will use the fintech sandbox to experiment with the concept of digital settlements, with CBDC as a priority.

Initially, the Central Bank of Ghana announced its plan to issue a CBDC back in 2019, with the Bank’s Governor noting that it will be tested under sandbox conditions. In addition, the governor stated that the digital currency issued by the state would greatly facilitate the growth of the mobile payment space in Ghana.

Interest in developing CBDC’s on the rise

In fact, China became the first major country to develop and issue a digital currency to the central bank. The Asian nation is accelerating its development of a state-issued crypto-asset called Digital Currency Electronic Payment (DCEP) for post-COVID-19 stimulus. The digital yuan has been under development for more than five years and is now very close to being made available to the general public.

The People’s Bank of China (PBoC) is set to issue the CBDC to the public later this year. The digital asset is currently being tested in four different cities in China. Nevertheless, a number of economists and cryptocurrency leaders have argued that the digital yuan would threaten the status of the US dollar as the global reserve currency.

Filed Under: News Tagged With: Africa, Bank of Ghana, CBDC, central bank, Ghana

Primary Sidebar

Recent Posts

  • Bitcoin Futures Open Interest Skyrockets To $13B; CME Tops Chart January 17, 2021
  • Litecoin’s [LTC] Buying Volumes Intact Despite Dull Price Action January 16, 2021
  • Kraken Becomes Latest Crypto Venue To Halt XRP January 16, 2021
  • Coinbase’s Latest Initiative To Spruce Up Listing Process January 16, 2021
  • Gemini Follows Coinbase’s Trail; Winklevoss Twins Affirm Going Public Is An Option January 15, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.