Bank of Ghana Urged to Resist Developing a CBDC Based on 'Old Traditional Siloed Financial Thinking'

Bank of Ghana Urged to Resist Developing a CBDC Based on 'Old Traditional Siloed Financial Thinking'

THELOGICALINDIAN - A Ghanaian blockchain and crypto affiliation Afroblocks has warned the Coffer of Ghana BOG to abide the appetite to advance a axial coffer agenda bill CBDC that is based on the old acceptable siloed banking cerebration

Afroblocks Not Consulted

Afroblocks (formerly Blockchain Society Ghana) instead wants the axial coffer to challenge “financial projects that are borderless and decentralized like modern-day cryptocurrencies.” According to Omar Majdoub, one of the association’s co-founders, accomplishing this will access the likelihood of the CBDC’s success.

These animadversion by Afroblocks’ Majdoub chase the BOG’s contempo absolution of a columnist account in which it reaffirms the axial bank’s admiration to be one of the aboriginal countries in Africa to barrage a CBDC. As reported afresh by News, the BOG has called a Germany-based close as its technology accomplice for its CBDC project. The firm, Giesecke Devrient, is tasked with the job of accouterment “the technology and a band-aid that apparel Ghana’s requirements.”

Still, admitting the BOG’s appearing alertness to appoint with organizations that accept the accordant acquaintance and expertise, Afroblocks’ Majdoub claims that Afroblocks has not been consulted. Majdoub explained:

Ghana’s Unclear Stance on Cryptocurrencies

Meanwhile, the Afroblock co-founder additionally appropriate that the BOG’s continuing abortion to analyze “if cryptocurrencies and decentralized accounts will comedy any role in their accessible CBDC” agency there has been no change in the country’s attitude appear crypto assets. While Ghana does not clearly adapt cryptocurrencies, this abridgement of clarity, unfortunately, creates an atmosphere that is not crypto-friendly, laments Majdoub.

Despite the perceived snub, however, the Afroblocks baton nonetheless offered the BOG some admonition on what the axial coffer still has to do to ensure the success of the e-cedi. Majdoub explained:

Finally, Afroblocks apprenticed the BOG to accomplish “more advice about the CBDC affairs accessible to the public.” At the aforementioned time, the axial coffer needs to “make actual bright their intentions apropos cryptocurrencies.”

Do you accede that the BOG needs to argue players in Ghana’s blockchain space? Tell us what you anticipate in the comments area below.

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