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Ghana Proposes Hardware Wallets for New CBDC Named ‘eCedi’

Cryptocurrency Mar 16, 2022 12:00PM ET
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Ghana Proposes Hardware Wallets for New CBDC Named ‘eCedi’

  • The Central bank of Ghana stated the main factor for its new digital currency, called eCedi.
  • The bank proposed to use hardware wallets for rural areas with limited internet access.
  • Integration of digital payments is expected to help formalize the African economy, says Ghana’s central bank.

The Central Bank of Ghana stated inclusiveness is the main factor for its upcoming new retail token-based CBDC, named eCedi. Additionally, the bank attempted to bring eCedi to locals without a bank account and without internet access. Notably, about 43% of Ghana’s population still does not have access to a bank account.

In a design paper released on March 15, the bank proposed to use hardware wallets and other devices for use with the eCedi. In addition, Ghana’s central bank drafted the key aspects of its plans for a retail token-based central bank digital currency (CBDC).

The bank said,

Mainstreaming digital payments is expected to help formalize the African economy. To this extent, it will make the adoption of the eCedi as seamless as possible.

Meanwhile, Ghana’s central bank suggested issuing offline devices like hardware wallets and smart cards. Likewise, the offline wallet proposal is also a factor in eCedi’s offline functionality, intended for rural areas with limited internet access.

According to a 2019 study by the World Bank, only 53% of Ghanaians use the internet.

The central bank’s proposal is to facilitate offline peer-to-peer transactions. However, Ghana central bank said a smartphone with a banking app would be the ideal way to use the eCedi. eCedi will enhance the existing digital payment network, which is mobile and card-based payments.

Furthermore, Ghana revealed the eCedi in 2021 to promote growth and reduce corruption by the digitalization of its economy. The action comes on the back of improving economic growth in Africa’s largest gold producer.

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Ghana Proposes Hardware Wallets for New CBDC Named ‘eCedi’
 

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