In the last few years, it seems many countries in the world have begun to explore the idea of creating their own national cryptocurrency and this has been seen in countries such as Turkey, Venezuela, China, and the Bahamas. This is a sign that the many benefits of crypto are being acknowledged on the world stage and that crypto truly is on its way to becoming the currency of the future should be many more countries follow in this footstep. The reasons for countries looking into their own digital currency range from fighting economic crisis to simply wanting to be innovative.
It would seem that Ghana is the next country that intends to follow in this path according to Ernest Addison, who is the governor of the Central Bank of Ghana.
Ghana Goes Crypto
The statement was made on November 26, 2019, at the 23rd National Banking Conference in which Addison stated that an E-cedi, a crypto version of Ghana’s national currency the Cedi, is been tested in a sandbox and should it be successful, the token could be widely adopted through the country.
Although he did not state whether the new digital currency would be based on blockchain or not, Addison did state that this is part of an ongoing government effort to digitize their financial sector and stated that mobile money transactions have increased tremendously in the last year and the government intends to keep up with this development.
“Digital financial technologies will continue to define the future of our banking experience,” he said, “This consistent growth pattern underscores the sustainable nature of opportunity for the banking sector,”
Besides this, Addison also announced that the Central Bank of Ghana has authorized Ghana Commercial Bank, which is the largest bank in Ghana in terms of assets, to issue mobile money that will be similar to a digital currency.
With this development, Ghana will join Rwanda among other countries that are looking into a potential central bank-issued token and should this development continue to increase across the globe, we could look at a future in which practically every country has a digital version of their fiat currency.