Ghana’s Upcoming CBDC to be Used in Offline Transactions

Ghana is currently exploring ways to make its Central Bank Digital Currency usable in Offline transactions. This is to ensure residents who have no access to electricity and the internet are well included in the new financial framework being developed. This will ensure wide adoption across the region.

The head of fintech and innovation at the Bank of Ghana, Kwame Oppong, made the revelation yesterday, Monday 18th October, 2021 in a report by Bloomberg. He stated that the e-Cedi would support offline transactions during the Ghana Economic Forum held yesterday, Monday. 

Read more:Brazil Crypto Purchases Could Reach $8 Billion

He further emphasized that the offline functionality of the CBDC will help ensure financial inclusion and that residents who do not have access to internet and electricity will be able to adopt the technology as well;

“The e-cedi would also be capable of being used in an offline environment through some smart cards.”

A smart card is a card sized just like the payment cards and it is used to control access. In the case of the Ghana Central Bank Digital Currency, the smart card will be used to facilitate payments in the e-Cedi. This way, users who do not have internet nor electricity will be able to benefit from the technology. 

As reported by CryptoTVplus, the Bank of Ghana has partnered with a German firm G+D to pilot the e-Cedi development. The aim of the project is to create an alternative to fiat currency and also improve the financial framework and growth of payment infrastructure in China. The pilot is expected to have begun last month, September, according to the Deputy Governor of the Bank, Dr. Maxwell.