A cryptocurrency could soon be introduced by Ghana’s Central Bank – e-cedi. Talking this week at the Bank of Ghana’s annual banking conference, Ernest Addison has said that the bank is in talks to explore the digital currency’s future.
The digital age offers huge potential to reorient the financial sector to respond to new demands for financial services by consumers and businesses. “According to Addison, the growth potential is evident.” The volume of mobile money transactions between 2017 and 2018 rose from 982 million to 1.4 billion.
According to Wikipedia, a cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since the release of bitcoin, over 6,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.