The Ghanaian blockchain and crypto Association, Afroblocks, has warned the Bank of Ghana (BOG) to resist its desire to develop a central bank (CBDC) digital currency based on “old traditional financial thinking.”
Afroblocks Can’t Be Saved
Instead, Afroblocks (formerly the Ghana blockchain Society) wants the Central Bank to emulate “borderline and decentralized financial projects like modern cryptocurrencies.”According to Omar Majdub, one of the founders of the association, it will increase the chances of success of the CBDC.
These comments by Majdub afroblocks follow the recent release of the bog press release, in which the Central Bank confirmed its desire to become one of the first countries in Africa to launch the CBDC. As recently reported Bitcoin.com news: BoG has chosen the German company as its technology partner for the CBDC project. Giesecke Devrient is responsible for providing”the technology and solution appropriate to Ghana’s needs”.
However, despite Marsh’s clear willingness to deal with organisations with relevant experience and expertise, Majdub of Afroblocks claims that Afroblocks was not consulted. Maidub explained:
We have never been consulted on this initiative, all the facts we know are what happens in the public publications of the swamp. In fact, there is very little publicly available information about cbdc. If we are asked to do this, we are willing to Share our experiences.
Ghana’s uncertain position on cryptocurrencies
Meanwhile, the afroblock co-founder also suggested that BOG’s continued failure to clarify” how cryptocurrencies and decommissioned finance will play a role in its upcoming CBDCs” does not mean any change in the country’s attitude towards crypto assets. Although Ghana does not officially regulate cryptocurrencies, this lack of openness unfortunately creates an atmosphere that is not crypto-friendly, maidub complains.
However, despite the observed omissions,
