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- Afroblocks urges the central bank to follow in the footsteps of borderless and decentralized financial projects
- Majdoub of Afroblocks alleges that the group has not been consulted
- Afroblocks encouraged the BOG to provide the public with additional information regarding the CBDC intentions
The Bank of Ghana (BOG) has been urged by Afroblocks, a Ghanaian blockchain and crypto group, to resist the impulse to build a central bank digital currency (CBDC) based on old traditional siloed financial thinking.
Afroblocks Were Not Involved
Instead, Afroblocks (previously Blockchain Society Ghana) wants the central bank to model itself like modern-day cryptocurrencies, which are borderless and decentralized. According to one of the CBDC’s co-founders, Omar Majdoub, doing so will boost the CBDC’s chances of success.
The BOG recently released 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. 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. The BOG has chosen a Germany-based firm as its technical partner for its CBDC project, according to Bitcoin.com News. Giesecke Devrient has been tasked with supplying technology and a solution that meets Ghana’s needs.
Despite the BOG’s apparent openness to interact with organizations with relevant experience and knowledge, Majdoub of Afroblocks maintains that the organization has not been consulted. They were never contacted about this program, according to Majdoub, and all of the information we have comes from the BOG’s public disclosures. In truth, information about the CBDC is scarce. If needed, we would be more than happy to provide our knowledge.
Ghana’s Uncertainty Regarding Cryptocurrencies
Meanwhile, the Afroblock co-founder claimed that the BOG’s reluctance to specify whether cryptocurrencies and decentralized finance will play any role in the future CBDC indicates that the country’s stance on crypto assets has not changed. While Ghana does not officially regulate cryptocurrencies, Majdoub worries that the lack of clarity creates an environment that is not crypto-friendly.
Despite the perceived rejection, the Afroblocks leader offered the BOG some suggestions on what the central bank still needs to do to assure e-success. They would urge them to study more about modern cryptocurrencies and connect with crypto networks in Ghana and overseas, according to Majdoub. So that current crypto can be more integrated and accommodated in their CBDC. Many young Ghanaians have discovered lucrative prospects in the rapidly growing global bitcoin market.
Finally, Afroblocks encouraged the BOG to provide more information to the public about the CBDC initiatives. At the same time, the central bank must make its goals regarding cryptocurrencies crystal apparent.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
