-0.28% Bitcoin (BTC) 20652.58 EUR

+1.47% Ethereum (ETH) 1404.28 EUR

+0.32% Litecoin (LTC) 55.8 EUR

-0.37% B-Cash (BCH) 124.77 EUR

+1.69% Ethereum (ETH) 0.0686699 BTC

+0.70% Litecoin (LTC) 0.00273205 BTC

-0.33% B-Cash (BCH) 0.0061004 BTC

-0.90% Bitcoin (BTC) 20241.713 USDC

+0.66% USD Coin (USDC) 1.02 EUR

-0.93% Bitcoin (BTC) 20244.541 USDT

+0.67% Tether (USDT) 1.02 EUR

-0.74% Chainlink (LINK) 7.95 EUR

-0.45% Chainlink (LINK) 0.00038928 BTC

-1.00% Dogecoin (DOGE) 0.06 EUR

-0.30% Dogecoin (DOGE) 0.00000322 BTC

+2.94% Uniswap (UNI) 7.1 EUR

+2.89% Uniswap (UNI) 0.00034744 BTC

+0.33% Cardano (ADA) 0.44 EUR

+0.51% Cardano (ADA) 0.00002163 BTC

+0.69% Tron (TRX) 0.06 EUR

+0.63% Tron (TRX) 0.00000315 BTC

-0.68% Shiba Inu (SHIB) 0.0000116 EUR

-1.25% Zcash (ZEC) 57.79 EUR

-1.06% Zcash (ZEC) 0.002828 BTC

+1.39% Basic Attention Token (BAT) 0.31 EUR

+1.64% Basic Attention Token (BAT) 0.00001542 BTC

-0.40% TradeFlow (TFLOW) 0.051595 BUSD

Ghanas E-Cedi will operate even while it’s offline

10-19-2021

Ghana has been working hard to expand the use of e-Cedi, the central bank digital currency (CBDC), into use of offline transactions.

According to Ghana's banking regulator, digital currencies may be used to transmit money without the usage of power or other types of connection. Kwame Oppong delivered the statements on October 18 at the Ghana Economic Forum in Accra, Ghana.

“Financial inclusion is limited by the availability of connectivity and power. What we hope to be able to do and we’re one of the people pioneering this, is that the e-cedi would also be capable of being used in an offline environment through some smart cards.”

China has been at the forefront of CBDC advancements internationally. The People's Bank of China (PBoC) intends to deploy a smart card-based solution for its Digital Yuan as well.

Users will be able to transfer CBDC from their bank accounts directly to an offline card. Visa warned earlier this year that an offline CBDC payment system might lead to counterfeiting and double-spending.

Over the years, similar changes have been observed in other African nations such as South Africa, Nigeria, and Burkina Faso.

More from this category

Celsius CEO Alex Mashinsky resigns

According to a new press release published on Tuesday, Alex Mashinsky, CEO of troubled crypto lender Celsius Network, has resigned effective immediately. In explaining the decision, Mashinsky wrote:...

South Korean ministry recommends enactment of special Metaverse laws

The Ministry of Science and ICT (MSIT) of South Korea revealed plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines fo...

Filecoin service provider announces move to Singapore in light of tightening restrictions in China

RRMine Global, a Filecoin service provider offering global cloud-computing asset management, announced Wednesday that it has shut down business operations in mainland China and is relocating its headq...