Central bank-backed digital currencies way to go – Dr. Bawumia

August 2, 2021 Business Ghana 0 Comments

The Vice President, Dr. Mahamudu Bawumia says African economies need digital currencies backed by central banks in order to give credibility to transactions.

Addressing participants at the opening of the International Trade and Finance Conference (GITFiC 2021) in Accra on Tuesday, Dr. Bawumia said, with the advent of digitization, digital currencies springing up on the African continent is imminent, but he was quick to warn that what African economies need are central banks-backed digital currencies, not cryptocurrency.

Responding to a question on the readiness of the continent for an African digital currency, especially with the presence of the AFCFTA, Dr. Bawumia stressed on the imminent adoption of digital currencies, but added that such moves should be backed by African Central banks, just as the Bank of Ghana has initiated a pilot digital currency. Read More.

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