Ghana is set to become one of the first African countries to have its own digital currency.
According to the country’s Central Bank Governor, Enerst Adison, plans to launch e-cedi have reached an “advanced” stage.
“We are quite advanced in that process,” Addison said. “With these types of things, you have to go at it in phases and the first phase was really on the design of the electronic money and the team that has gone quite far in the design phase, they are looking at the implementation phase.”
“where a few people would be able to use the digital cedi on the mobile applications.” Enerst Adison told reporters.
“I think there is a lot more emphasis on looking at digital money which is backed by the state, backed by the central banks. These private forms of money really are not able to perform the functions of money effectively,” he continued.
Earlier this year Ghana struck a patnership deal with Emtech to launch a sandbox for different Blockchain projects.
This latest developments is considered one of the end results of that partnership.