Ghana’s Central Bank Is Moving Forward With Its CBDC Plan

News • 2020/06/10 • by Remitano

Central Bank Digital Currency (CBDC) has been a hot subject among the cryptocurrency community for quite some time. Many people believe that the issuance of CBDCs by various central banks would help crypto adoption because fundamentally CBDCs would use the blockchain technology. Even though the topic of CBDC is still debatable, some countries chose to move forward with the plan.

One of those countries is Ghana. Ghana’s Central Bank, or The Bank of Ghana (BoG), has decided to move forward with its CBDC issuance plan. It all began in 2016 when the BoG demonstrated the idea to issue its own version of digital currency. At the time, BoG also claimed that it would be interested in the possibility of issuing the CBDC version of Ghana’s currency.

According to reports, the BoG has confirmed that it’s still moving forward with its CBDC plan. For many crypto enthusiasts, this is a positive move in the right direction. They believe Ghana (alongside other countries who plan to create their own CBDCs) would be able to help the mainstream population to get familiar with Bitcoin and cryptocurrency technology.

The idea of CBDC has been widely debated in the crypto community. While some people embrace such an idea, many crypto fanatics believe that CBDCs would still be centralized in the hands of central banks - and thus, they shouldn’t be supported due to their lack of decentralization.