Just In: CBN to launch digital currency by October

CBN to launch digital currency by October   The Central Bank of Nigeria with its stakeholders outlined its digital currency initiative via a private webinar held today. The Nigerian Central Bank Governor, Godwin Emefiele had earlier announced that the bank will be working on a central bank digital currency during the 306th Banker’s Committee meeting. According to private sources, the pilot scheme will be launched on October 1st, 2021. The press briefing delivered by the Director IT department, Rakiya Mohammed, at the end of the meeting further explained that the…

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E-Cedi: Bank of Ghana to Pilot Digital Currency

E-Cedi: Bank of Ghana to Pilot Digital Currency

E-Cedi: Bank of Ghana to Pilot Digital Currency     The Bank of Ghana is in the advanced stages of introducing a digital currency, the Governor of the central bank, Dr. Ernest Addison has disclosed. According to Dr. Addison, the e-cedi will go through three phases before it goes into circulation. He said in the final stage, a pilot would determine whether the digital currency will be feasible before it goes into circulation. “The Bank of Ghana was one of the first African Central Banks to declare that we were…

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UK considers new digital currency, Britcoin

UK considers new digital currency, Britcoin

UK considers new digital currency, Britcoin   Agency Report   Britain is looking into the possibility of creating a digital currency that households and businesses could use instead of cash – an initiative the finance minister dubbed “Britcoin”. The use of cash has fallen during the coronavirus pandemic as people try to avoid contact, and several central banks across the world are considering whether to create digital money that would allow online payments without going through banks. The Bank of England and Treasury announced Monday the creation of a Central…

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Japan prepares for possible launch of digital currency

Japan prepares for possible launch of digital currency

Japan prepares for possible launch of digital currency   Haruhiko Kuroda, governor of the Bank of Japan (BOJ), has said the central bank must “prepare thoroughly” for the possible future need to issue a digital yen. The BOJ has no plans at present for central bank digital currency (CBDC) launch, but Kuroda believes it must be prepared for a change in circumstances that could necessitate one, Reuters reported Tuesday. “From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, it’s important to prepare thoroughly…

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