Ghana’s Mobile Money is a far cry From Traditional Cryptocurrencies

Cryptomode Ghana Digital Money

The concept of issuing  a central bank digital currency is appealing to many. Even in Ghana, it would seem as if such a venture could take place sooner rather than later. 

Not much is known about Ghana in terms of digital assets.

Ghana Wants to Experiment With Mobile Money

It is one of the many African nations that doesn’t get highlighted in the media all that much.

Despite this “secrecy”, the country’s central bank is looking to create a national digital currency.

These findings have been confirmed by Ernest Addison, the governor of Ghana’s central bank.

Currently, Ghaneans utilize the Cedi as a domestic currency.

It would appear that currency will be digitized, albeit in a very limited fashion.

A first trial involving a sandbox environment could take place in the next few months. 

Contrary to popular belief, the digitization Africa continues to accelerate.

Primarily Ghana has noted significant successes in this regard over the past few years.

As a result, most financial service providers have jumped on the mobile banking bandwagon. 

By issuing this digital currency as mobile money, the country could set a very intriguing example.

It is expected all of the digital currency supply will be back by physical Cedi on a 1:1 basis.

This also confirms Ghana is not looking to create a cryptocurrency.

It remains to be seen which technology will be used to create the digital currency in this nation over the coming months.

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