New countries showing interests in launching of a central bank digital currency

By Wirba Brice Divine Ransinyuy. r[email protected]

Editor note: Title has been slightly updated

It is just normal and obvious that countries are willing to get in touch and in contact with their own digital currency. Many do it for specific reasons as others do it for a globalized reason or reasons depending on their situation that they try to remedy. It may not be wrong to state and say that the entire world has fallen in love with new technological discoveries ranging from small ones to large ones as they each bring an innovation to society in general. This can only be received with very much optimism and love as it deserves and merits it fully. The internet makes the human to feel complete, we lack nothing as everything you want, you can acquire simply by browsing with a secure internet connection in order not to be hacked. As such, how will countries not eye joining such technologies to remedy their home based problems with adequate long lasting solutions.

This goes into line with what the governor of the West African nation’s central bank made a public appearance as it was disclosed in a public transcript and made outstanding revelations, Mister Ernest Addison, revealing that Ghana is analyzing the possibility of choosing and issuing a digital currency that is the digital form of the country’s local and national currency. He said it could be done in the near future and it will be known as Cedi as the project is in talks or negotiations to develop a long lasting pilot project in a sandbox environment for the welfare of Ghanaians.

Ghana is another African country that is joining the ranks of countries like Senegal and Tunisia that have already launched their own digital currency. Ghana’s governor bank said “Ghana is undergoing a rapid digitization which has a strong mobile banking sector connected to mobile phones known as mobile transfers having a significant increase by 70 percent just within a short lapse of time ranging from 2017 to 2018. Since these mobile transfers have suffered from hacks, thereby in order to render it more secure and safe, the Ghanaian government and bank and financial institutions decided to issue money backed1:1 by cedi which will be kept in an electronic wallet as this will serve as an electronic money being backed by currency which will be quite different from the general idea of cryptocurrencies as the central bank is not going to create money in any means, it will simply be an electronic form of the cedi that the state puts into circulation for the usage of all citizens.

The versatility of the digital currency has the possibility to satisfy all its users in its best possible ways, making all parties happy and satisfied in the process and during its usage.