Bank of Ghana announces 'advanced stage' CBDC development

by in Cryptocurrency News

Bank of Ghana

The Central Bank of Ghana is in a superior stage of developing a CBDC. This was announced by the head of the regulator Ernest Addison.

Ghana has become the first country in the region to explore the idea of a CB's digital currency, the official said.

“We are moving in stages. The first was dedicated to the development of the CBDC concept. Now we are considering launching a pilot - a limited number of users will be able to spend digital media using a mobile application. Based on this experience, we will decide what to change in the CBDC design and whether it is worth implementing, ”explained Addison.

Trending: Vitalik Buterin's $25.000 Doge Investment Brought Him $4.3 M

The successes in the development of digital currency became possible after the launch in February of the "regulatory sandbox" in partnership with Emtech.

Addison also touched on the topic of cryptocurrency assets. He stated that they "are not capable of efficiently performing the functions of money."