Business News of Friday, 5 June 2020Source: goldstreetbusiness.comBoG’s digital currency agenda underwayDr. Maxwell Opoku-Afari, First Deputy Governor of the BoGThe Bank of Ghana has confirmed to the financial sector that its agenda on digital currency is underway, as it looks to establish a sandbox that will promote innovation in the financial technology (FinTech) market. This has become imperative in the wake of COVID-19, which has brought radical changes, whereby digital means of payment has become the best option for consummating financial transactions. The testing of a central bank digital currency concept, also called digital fiat currency or digital base money, will act like a digital representation of the country’s fiat currency, and will be backed by a suitable amount of monetary reserves like gold or forex. Dr. Afari also noted that the central bank will evolve itself in response to the dynamic nature of the sector. To this end, in the past months, as a further commitment to promote FinTech, the BoG has established the FinTech and Innovation office to supervise and promote the activities of FinTechs in Ghana.

Source: GhanaWeb June 05, 2020 03:11 UTC