BoG piloting digital currency system

Second Deputy Governor of the Bank of Ghana, Mrs Elsie Addo Awadzi, has said that the Bank of Ghana (BoG)’s plan to introduce a digital currency  will help in the efforts to go  cashless as a country.

The regulators’ digital currency is expected to reduce the cash transactions in the country.

The process is currently ongoing to ensure that the established whether government can indeed go  ahead together with the Banks  to issue the currency.

Speaking at an event in Accra Mrs Addo Awadzi said “Many central banks around the world have launched this.

“The first being the Bahamas.  Many others are exploiting it and we have launched pilot to see whether  we can have a digital currency  which the central bank will issue and then the banking sector and every one will use that currency.

“We believe that this holds a lot of promises for cashless society going forward.”

She assured that the Bank of Ghana will make it findings public after the pilot.

“It is still early days yet we have made our intensions known there is a lot of work that is being done currently to see the feasibility of it in Ghana and appropriate time we will be able to announce what our findings are.”

Source: 3news