Ghana’s proposed central bank digital currency is similar to fiat cash and therefore financial institutions, as well as fintech start-ups, can still create value based on it, a Bank of Ghana (BOG) official has said. Still, the official, Maxwell Opoku-Afari, the BOG’s deputy governor, says approval for the use of the digital currency will depend on the outcome of the piloting phase.

Maintaining Ghana’s Lead

As previously reported by Bitcoin.com News, BOG announced it was in the advanced stages of introducing a digital currency. At the time, BOG governor, Ernest Addison said the central bank’s move to introduce the CBDC fits with its objective of maintaining the central bank’s position as Africa’s leader when it comes to embracing emerging financial technologies.

However, as one local media outlet reports, the first deputy governor has now revealed that Ghana will start piloting the digital cedi in a sandbox environment in…

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Source: https://news.bitcoin.com/bank-of-ghana-deputy-governor-says-central-bank-digital-currency-is-fiat-money-reveals-pilot-phase-will-start-september/