{"id":8121,"date":"2021-08-17T13:50:16","date_gmt":"2021-08-17T12:50:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8121"},"modified":"2021-08-17T13:50:25","modified_gmt":"2021-08-17T12:50:25","slug":"afroblocks-suggests-ghanas-cbdcs-should-emulate-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/afroblocks-suggests-ghanas-cbdcs-should-emulate-cryptocurrencies\/","title":{"rendered":"Afroblocks suggests Ghana\u2019s CBDCs should emulate cryptocurrencies"},"content":{"rendered":"\n
Afroblocks\u2019 co-founder<\/a> Omar Majdoub urges Ghana\u2019s central bank to involve the expertise of an experienced crypto expert to help in the success of the e-cedi.<\/h5>\n\n\n\n
\"Afroblocks<\/figure>\n\n\n\n

The Bank of Ghana's (BoG) latest central bank digital currency \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(CBDC) effort has been regarded with mistrust, as Afroblocks, an in-house independent association, speculates on the central bank's goals.<\/p>\n\n\n\n

While planning and developing its digital currency, Afroblocks (formerly Blockchain Society Ghana) has cautioned the BoG to avoid \u201cold traditional compartmentalized financial thinking.\u201d<\/p>\n\n\n\n

Rather, according to Afroblocks co-founder Omar Majdoub, the ability of a CBDC in Ghana to replicate modern-day cryptocurrencies \u2014 that is, to be borderless and decentralized \u2014 will determine its success.<\/p>\n\n\n\n

For the CBDC initiative, the BoG has teamed with Giesecke+Devrient (G+D)<\/a>, a German securities printing firm, to deliver a solution tailored to Ghana's specific needs.<\/p>\n\n\n\n

G+D will issue Ghana's digital version of the cedi, which will be tested by local banks, businesses, and residents, using its own CBDC system, Filia.<\/p>\n\n\n\n

Despite G+D's participation in Ghana's pilot CBDC, Majdoub observed the BOG's reticence to publicly discuss the advances with domestic organizations with similar experience and expertise:<\/p>\n\n\n\n

\u201cPublic details on the CBDC are very sparse. We would be more than willing to contribute our expertise if called upon.\u201d<\/p>\n\n\n\n

Majdoub also questioned Ghana's attitude on crypto assets<\/a>, claiming that the government currently lacks regulatory clarity on the subject.<\/p>\n\n\n\n

Majdoub encouraged the central bank to make its CBDC plans and “intentions towards cryptocurrencies” clear to the general public, as he hoped for the success of the soon-to-be-launched e-cedi.<\/p>\n\n\n\n

Ghanaian Vice President Mahamudu Bawumia praised the BoG's decision to pilot CBDC in the area, saying that a “single central payment” system might boost trade among African states.<\/p>\n\n\n\n

Bawumia stated at the Fifth Ghana International Trade and Finance Conference that a digital payment system<\/a> can alleviate the costly and time-consuming procedure of transporting products across African borders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Afroblocks\u2019 co-founder Omar Majdoub urges Ghana\u2019s central bank to involve the expertise of an experienced crypto expert to help in the success of the e-cedi. The Bank of Ghana’s (BoG) latest central bank digital currency (CBDC) effort has been regarded with mistrust, as Afroblocks, an in-house independent association, speculates on the central bank’s goals. While […]<\/p>\n","protected":false},"author":12,"featured_media":8122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[2256,774,132,1418],"class_list":["post-8121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-afroblocks","tag-cbdcs","tag-crypto","tag-ghana"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Afroblocks-suggests-Ghanas-CBDCs-should-emulate-cryptocurrencies-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8121"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8122"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}