Ghana wants its central bank digital currency (CBDC) to work offline, according toreport of Bloomberg on Monday
The CBDC is a digital form of legal currency and is designed to be operated via smartphones, said Kwame Oppng, head of fintech and innovation at Bank of Ghana (BoG), the country’s digital currency, e- cedi will work offline through the use of smart cards.
by smart card It will be a physical card embedded with a chip similar to a modern bank card.
Speaking at the Ghana Economic Forum on Monday, Opong said its efforts to provide financial services to those who had no access to their bank accounts had been hampered by the He suggested that offline-capable CBDC could be a possible solution.
“What we hope to do – and we will be one of the pioneers of this – is e-cedi that will be able to be used in offline environments through certain smart cards,” Oppong said.
So far, China may be trying a similar smart card-based solution for digital yuan. in which users can directly transfer digital currency from their bank accounts to their offline cards, but fromsolutionOffline payments offered by global financial services provider Visa earlier this year. Offline transactions with the CBDC are impractical and can lead to spoofing or double spending.
The Bank of Ghana has been planning to issue a CBDC since at least 2019 and in July. Ghana announced that it will start an e-cedi pilot program in September. But it has not yet officially started operations.
currently haveMore than 80 places around the world are studying the meaning of CBDC, such as Nigeria, who are launching eNaira while in October. The European Central Bank has started a two-year experiment on the digital euro.
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