Key Takeaways
- Ghana blockchain advocacy group urges apex bank to take a modern approach on the digital cedi
- Group wants apex bank to study cryptocurrencies and implement it in the digital cedi
- Ghana set to release digital cedi in the coming months
Afroblocks, a blockchain advocacy group in Ghana, has urged the central bank not to develop the e-cedi based on traditional finance ideology.
This remark was made by Omar Majdoub, a key stakeholder in the association.
According to Majdoub, the national digital currency should be built on a decentralized and borderless system similar to how cryptocurrencies operate.
His remarks come after the deputy governor of the Bank of Ghana revealed that the e-cedi would function as the existing fiat currency some weeks ago.
This statement confirmed the crypto community's earlier fears that the e-cedi was just an extension of the fiat cedi.
Majdoub also alleged in his statement that the BOG had not consulted the blockchain group for their take on the digital cedi.
This was in contrast to what the apex bank had stated in a press release some weeks ago when it announced the next phase of the digital cedi project.
Despite the snub. Majdoub offered some advice on what the BOG has to do to ensure proper implementation of the e-cedi
He believes that the bank will have to learn how cryptocurrencies work and integrate novel features into the CBDC.
He also noted that the growing global crypto space offered immense opportunities to Ghanaians to explore new trends.
Majdoub concluded by urging the central bank to provide more information on the digital cedi and make the roadmap available to the public.
Ghana looks to be ahead of other African nations in the CBDC race, with the digital cedi expected to launch in the coming months.
Do you agree that Ghana's central bank needs to consult key stakeholders in the blockchain industry?
