Many developed countries, as well as developing countries, are seeking to launch their digital currencies because of its benefit, whether in terms of reducing printing costs or speeding up transactions.

Recently, Mr. Ernest Addison, Governor of the Central Bank of Ghana, the West African country, stated that the Ghanaian government is in the process of issuing the country’s currency “cedi” in digital form in the near future and talks are underway to develop this project in a “sandbox environment” i.e. in an experimental environment.

The statements made by “Edison” were revealed at the annual banking conference in Ghana in its public version.

As the Governor of the Bank of Ghana said:

Ghana is undergoing rapid digitization and has a thriving mobile banking sector thanks to mobile phones.

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Mobile money transfers increased by 70% from 2017 to 2018.

In a move to harness the sector, Edison stated that he allowed the central bank to issue digital money backed 1:1 by the “cedi” currency and held in electronic wallets the day before the announcement, one day before the announcement of the digital currency.

However, Edison said that mobile money will be different from cryptocurrency according to to source.

Addison added in his remarks:

It is just electronic money backed by currency.

So the central bank cannot create the money, they just have an electronic representation of the cedi that the Bank of Ghana puts into circulation so the currency does not belong to the cryptocurrency sector.

The technology behind Edison’s proposed digital currency is not yet clear.

It is reported that the Chinese Central Bank is also on its way to create the digital yuan, as it recently stated that the currency will be used initially to facilitate retail payments.

And there are several other countries and regions as well, as we mentioned at the beginning of the topic, looking at ways to launch their own digital currencies, including the European Union and the United States, in an attempt not to leave matters to China alone or to special initiatives such as the “Libra” project led by Facebook.

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