November 2019
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The governor of Ghana’s central bank, Ernest Addison, revealed that a digital form of the nation’s currency, the cedi, is being developed as well as a pilot project in a “sandbox environment”. Addison also said how transactions through mobile phones increased by 70 percent from 2017 to 2018. Because of this, Addison authorized the Bank of Ghana to issue mobile money that would be backed 1:1 by cedi to utilize the mobile money market. He also made it clear that the central bank cannot create money and because it is backed by cedi, it is not a cryptocurrency. Go to Article.