In a design paper of the digital Cedi, Ghana’s apex bank, Bank of Ghana (BoG) has revealed that the eCedi will be available for offline use, with rural unconnected communities not being discriminated.
BoG has developed a view of the eCedi to meet the following strategic goals:
SEE ALSO: Central Bank of Kenya Publishes a Discussion Paper on a Potential Central Bank Digital Currency (CBDC)
As part of its design, the CBDC is identified as a retail CBDC, which can be stored locally on a card, on a phone, or smart device, and can be passed from one user to another.
Besides this, the bank revealed a slew of features of the upcoming CBDC including:
Two types of wallets are under consideration for the eCedi, namely:
Hosted wallets require access to the internet while hardware wallets work in offline mode.
Finally, BoG is looking at the CBDC to be part of the existing payments ecosystem by making it interoperable with other fintech apps in the market.
The bank also wants its CBDC to be interoperable with other CBDCs globally.
RECOMMENDED READING: 3 Out of 15 Finalists of the Global CBDC Challenge by World Bank, IMF, UN, are Working on the Ghana, Nigeria, and South Africa CBDCs
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