Skip to main content

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

A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the “old traditional siloed financial thinking.”

Afroblocks Not Consulted

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

These remarks by Afroblocks’ Majdoub follow the BOG’s recent release of a press statement in which it reaffirms the central bank’s desire to be one of the first countries in Africa to launch a CBDC. As reported recently by Bitcoin.com News, the BOG has selected a Germany-based firm as its technology partner for its CBDC project. The firm, Giesecke Devrient, is tasked with the job of providing “the technology and a solution that suits Ghana’s requirements.”

Still, despite the BOG’s seeming willingness to engage with organizations that have the relevant experience and expertise, Afroblocks’ Majdoub claims that Afroblocks has not been consulted. Majdoub explained:

We were never consulted about this initiative, all the facts we know are what was in the BOG’s public releases. In fact, public details on the CBDC are very sparse. We would be more than willing to contribute our expertise if called upon.

Ghana’s Unclear Stance on Cryptocurrencies

Meanwhile, the Afroblock co-founder also suggested that the BOG’s continuing failure to clarify “if cryptocurrencies and decentralized finance will play any role in their upcoming CBDC” means there has been no change in the country’s stance towards crypto assets. While Ghana does not officially regulate cryptocurrencies, this lack of clarity, unfortunately, creates an atmosphere that is not crypto-friendly, laments Majdoub.

Despite the perceived snub, however, the Afroblocks leader nonetheless offered the BOG some advice on what the central bank still has to do to ensure the success of the e-cedi. Majdoub explained:

We would advise them to learn more about modern cryptocurrencies, and reach out to crypto communities in Ghana and abroad. So that they can better integrate and make allowances for modern crypto into their CBDC. Many young Ghanaians have been finding great opportunities in the exploding international cryptocurrency space.

Finally, Afroblocks urged the BOG to make “more information about the CBDC plans available to the public.” At the same time, the central bank needs to “make very clear their intentions regarding cryptocurrencies.”

Do you agree that the BOG needs to consult players in Ghana’s blockchain space? Tell us what you think in the comments section below.



from Bitcoin News https://ift.tt/2W2tzI5

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...