The Central Bank of Ghana has proposed the adoption of an e-currency and is making efforts to make sure that it materialize. This is as results of the use of crypto related coins such as Hive
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Talks of adopting cryptocurrencies and e-currencies always sparks fierce and contentious debate among economists,tech-enthusiasts, and investors. Some are highly optimist about the prospects of cryptocurrencies while others are highly pessimist about its adoption and volatility. Undoubtedly, both parties make cogent argument and use data to buttress their stance.
Managing economy(country) is no joke or try and error thing. Hive just like other cryptos are highly volatile and thus would required the Central Bank to constitute a committee made-up of economists, tech savvies, and other technocrats relevant to the field of cryptocurrency and policy implementations. Many a time, we tend to take knee-jerk approaches and implement policies without thinking through about its feasibility, implementation, adoption and more importantly, its sustainability.
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Another steps to consider in adopting cryptocurrency or the e-cedi as a legal tender is to make sure that, Internet penetration is almost hundred percent (100%) in the country. Because the blockchain thrives on virtual platforms, it'll be prudent to have an internet that is fast and reliable. There should be digital access and the digital divide within the country should narrow so as to make sure that, the people already have access to power and internet before mass adoption of the policy.
Another means is to use existing data for example, on Hive and other leading cryptocurrencies . This would help address the possible challenges that would be faced in the process of mass adoption. The loopholes, and key technical challenges would be identified within the pilot phase and this would help in determining the final decision of implementation or otherwise.
Due to the volatility of cryptocurrencies, the Central Bank has to step-in to regulate the block chain ecosystem. This means that, cryptocurrency within the confines of Ghana should not be fully decentralize but must have some form of central control in terms of fiscal policies that would assure the citizenry that their digital asserts would not be lost when there's is shake-up at the global market. The Central Bank control would not mean that the blockchain would be fully controlled or transactions would be "spied-on ". Rather, it'll help curb illicit financial flow from the country by foreign companies that wishes to evade taxes as well as money launderers or scammers that'll take advantages of the system to swindle others.
Another key steps that would be taken before the adoption of cryptocurrency as legal tender is to embark on mass education, sensitization through state institutions such as the Media,NCCE, GES, and more importantly, traditional rulers. Little mistake done in transferring funds might end up in the lost of funds accrued or saved. Thus, the education is important just as the initial stage of engaging technocrats.
I believe there should be no distinction in explaining the concept of blockchain between the educated and uneducated due to how complex crypto related topics could be so therefore, both the educated and uneducated should be given more than enough education before actual adoption.
Just as MOMO was received with skepticism, It'll rest on thr government and other State institutions to educated and highlights the enormous advantages of cryptocurrency to the citizenry such as fast transfer, cheaper costs, strong security system,as well as cross border transfers
I love it whenever I see countries that are ready to adopt to the useful technology e.g the blockchain technology that can help their country move forward.
Blockchain technologies has the potential to lift millions out of poverty particularly in the Global South. But more needs to be done at policy level to realize this.
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