A Ghanaian blockchain and crypto association, Afroblocks, has
warned the Bank of Ghana (BOG) to resist the urge to develop a central
bank digital currency (CBDC) that is based on the “old traditional
siloed financial thinking.”
Afroblocks Not Consulted
Afroblocks (formerly Blockchain Society Ghana) instead wants the
central bank to emulate “financial projects that are borderless and
decentralized like modern-day cryptocurrencies.” According to Omar
Majdoub, one of the association’s co-founders, doing this will increase
the likelihood of the CBDC’s success.
These remarks by Afroblocks’ Majdoub follow the BOG’s recent release
of a press statement in which it reaffirms the central bank’s desire to
be one of the first countries in Africa to launch a CBDC. As reported
recently by Bitcoin.com News, the BOG has selected a Germany-based firm
as its technology partner for its CBDC project. The firm, Giesecke
Devrient, is tasked with the job of providing “the technology and a
solution that suits Ghana’s requirements.”
Still, despite the BOG’s seeming willingness to engage with
organizations that have the relevant experience and expertise,
Afroblocks’ Majdoub claims that Afroblocks has not been consulted.
Majdoub explained:
We were never consulted about this initiative, all the
facts we know are what was in the BOG’s public releases. In fact, public
details on the CBDC are very sparse. We would be more than willing to
contribute our expertise if called upon.
Ghana’s Unclear Stance on Cryptocurrencies
Meanwhile, the Afroblock co-founder also suggested that the BOG’s
continuing failure to clarify “if cryptocurrencies and decentralized
finance will play any role in their upcoming CBDC” means there has been
no change in the country’s stance towards crypto assets. While Ghana
does not officially regulate cryptocurrencies, this lack of clarity,
unfortunately, creates an atmosphere that is not crypto-friendly,
laments Majdoub.
Despite the perceived snub, however, the Afroblocks leader
nonetheless offered the BOG some advice on what the central bank still
has to do to ensure the success of the e-cedi. Majdoub explained:
We would advise them to learn more about modern
cryptocurrencies, and reach out to crypto communities in Ghana and
abroad. So that they can better integrate and make allowances for modern
crypto into their CBDC. Many young Ghanaians have been finding great
opportunities in the exploding international cryptocurrency space.
Finally, Afroblocks urged the BOG to make “more information about the
CBDC plans available to the public.” At the same time, the central bank
needs to “make very clear their intentions regarding cryptocurrencies.”
source link : https://news.bitcoin.com/bank-of-ghana-urged-to-resist-developing-cbdc-based-on-old-traditional-siloed-financial-thinking/
