• About
  • Contcat Us
  • Privacy Policy
Saturday, January 28, 2023
Primenews.com.gh
No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
No Result
View All Result
Primenews.com.gh Logo
No Result
View All Result
Home general news

High price volatility makes crypto assets unattractive as a means of payment – BoG

by Justice Kofi Bimpeh
2022-05-28
in general news
Russia-Ukraine conflict presents further risk to recovery – BoG Governor
62
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Governor of the Bank of Ghana, Dr Ernest Addison, has said within the Ghanaian payment and financial ecosystem, the rapid adoption of digital financial technology, technological innovations, increasing interconnectedness among payment service providers and banks and the existence of an enabling regulatory environment has stimulated the growth and participation of non-banks financial institutions within the payment and financial ecosystem.

The participation of these entities to offer exciting digital technologies to meet customers’ derived demand for safe, convenient and reliable digital financial products and services is overwhelming, Dr Addison indicated.

Discussions, he said, on the future of money and how the digital revolution is impacting on currencies and the financial sector would be deemed incomplete without some remarks on the emergence of crypto currencies.

READ ALSO

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

8 money mistakes you shouldn’t make in 2023

“The advent of digitisation also witnessed the emergence of a fully decentralized digital asset in 2009.

“Subsequently, he said there have been over 2000 newly issued crypto-assets with unique characteristics which include amongst others; a distributed ledger technology (blockchain), anonymous issuers and are not denominated in sovereign or fiat currency.

“Despite several recommendations by academia and industry watchers for Central Banks to leverage on existing and newer technologies to issue digital currencies as alternatives to banknotes, few countries have actually introduced CBDC with most countries in exploration stages.

ADVERTISEMENT

“The rapid decrease in the use of bank notes and coins coupled with a less fully developed infrastructure to support the issuance of banknotes have invigorated interest in policy makers and financial sector authorities in the introduction of CBDC.

“Despite the excitements that surrounded its adoption and potentially a replica for central bank fiat currency, high price volatility makes these crypto assets such bitcoin unattractive as a mean of payment. Crypto assets continue to remain essentially speculative and attractive to smaller unit of investors.

“The use of any privately issued form of currency generally lack a strong consumer-base needed to create the network externalities which is capable of dethroning a fiat currency or legal tender,” Dr Addison said in a statement read on his behalf at an event organized by the Institute of Chartered Accountants.

ShareTweetSend
Previous Post

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

Next Post

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

Related Posts

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs
general news

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police
general news

8 money mistakes you shouldn’t make in 2023

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police
general news

Bawumia commissions ultra-modern facilities, operational vehicles for Ghana Fire Service

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police
general news

Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

2022-12-24
Databank shuts offices, staff to work from home due to threats
general news

Databank shuts offices, staff to work from home due to threats

2022-12-22
Akufo-Addo swears in 15 Appeals Court Justices
general news

Akufo-Addo swears in 15 Appeals Court Justices

2022-12-22
Next Post
NPP Elections: Prof Kalmonia re-elected as Savannah chairman

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

Alfred Duncan

Alfred Duncan retires from Black Stars at age of 29

ADVERTISEMENT

TRENDING NEWS IN GHANA

Jury finds Canadian rapper Tory Lanez guilty of shooting Megan Thee Stallion

Jury finds Canadian rapper Tory Lanez guilty of shooting Megan Thee Stallion

2022-12-24
Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

8 money mistakes you shouldn’t make in 2023

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

Bawumia commissions ultra-modern facilities, operational vehicles for Ghana Fire Service

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

2022-12-24
Databank shuts offices, staff to work from home due to threats

Databank shuts offices, staff to work from home due to threats

2022-12-22
Pele

Pele’s cancer has advanced, says hospital

2022-12-22
Justin Bieber

Justin Bieber nears $200 million deal to sell music rights

2022-12-22
Hajia Lariba Zuweira Abudu and Madam Francisca Oteng Mensah

Parliament approves Gender Ministry nominees

2022-12-22
Akufo-Addo swears in 15 Appeals Court Justices

Akufo-Addo swears in 15 Appeals Court Justices

2022-12-22
ADVERTISEMENT

Must Reads

Pele’s cancer has advanced, says hospital

Justin Bieber nears $200 million deal to sell music rights

Parliament approves Gender Ministry nominees

Akufo-Addo swears in 15 Appeals Court Justices

Bukom Banku granted GH¢50k bail

Parliament must take blame for Ghana’s economic crisis – Haruna Iddrisu

About

A Prime Network Limited Website.

Follow us

No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports

©2015 - 2020 Primenews.com.gh

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.