30.07.2021 News

Africa will switch to cryptocurrency?

Ghana’s Vice President Mahamudu Bawumia has advised African governments to go digital. This will help improve trade between countries.

The Vice President spoke at the Fifth International Conference on Trade and Finance in Ghana. According to Ghanaweb, Mahamud Bavumia believes that adopting cryptocurrency as legal payment will help reduce the cost of moving goods across African borders, which is now both expensive and time-consuming.

“Digitization has also become one of the most important policies of the Nana Akufo-Addo government. When the COVID-19 pandemic hit many countries and forced them to block them partially or completely, it reinforced the need to continue digitization,” said Mahamud Bavumia.

The VP also commented on the use of mobile money in Ghana.

“It has been shown that more people can be involved in financial activities and this needs to be expanded across Africa to ensure the growth of AfCFTA’s vision.”

The Bank of Ghana has already announced the development of its CBDC digital currency. In addition, the digital currency will give the country credibility.

Nigeria also wants to get its digital currency under project GIANT, although the Central Bank has banned all financial institutions from cooperating with cryptocurrency exchanges. In Tanzania, cryptocurrencies are banned, but the country wants to move in a more positive direction in relation to cryptography.

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