The Bank of Ghana (BoG) will begin piloting the digital Cedi (e-Cedi) in a sandbox environment in September 2021, according to the First Deputy Governor, BoG.
According to a local daily, the pilot will allow BoG to design all the security features before it opens it up to the public.
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SEE ALSO: [WATCH] We Are in the Implementation Phase of the e-Cedi CBDC, Confirms Governor, Bank of Ghana
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Speaking during a journalists training session, Dr. Maxwell Opoku-Afari, First Deputy Governor, Bank of Ghana, said:
“A digital currency is part of the central bank acknowledging the need for digital payments and digital delivery of financial services. By this, the Bank of Ghana will provide a platform which we can add more value to digital transactions.
We have to take time out to design it with all the security features and so have started it in a pilot phase through what we call a sandbox to learn lessons before we open it up to the general public.”
While reiterating that the outcome of the pilot will determine if the approval of the digital cedi to the wider population, Opoku added:
“The central bank’s digital currency is FIAT money, it is cash on its own so that the financial institutions like the banks and fintechs will be able to create value addition on the digital cash.”
Recently, the Bank of Ghana Governor, Ernest Addison, discussed at length the phased out implementation of the e-Cedi.
Check out the video below:
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RECOMMENDED READING: The Central Bank of Ghana Launches a Regulatory and Innovation Sandbox Prioritizing Blockchain Technology
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