Ghana’s digital economy a fertile ground for cryptocurrency – Dr. Seyram Kumah

We must consider the use of cryptocurrency – Digital currency researcher

Bank of Ghana working to introduce e-Cedi

Cryptocurrency trading remains illegal in Ghana – Bank of Ghana

A digital currency researcher, Dr Seyram Kumah, has advocated for the use of a decentralized financial transactions such as cryptocurrency in Ghana.

According to her, the current fluctuations in the country’s economy over a period has made it imperative for the nation to consider other digital means such as cryptocurrency which she believes could the stabilise the ailing economy.

Addressing participants at a public lecture organised by the Ghana Baptist University College, Dr Kumah said Ghana’s path towards digital transformation of the economy offers a fertile ground which could see the introduction of cryptocurrency as a legal tender.

“If we start using cryptocurrencies, it will help the country. The cedi is always depreciating against the dollar. With these cryptocurrencies, we don’t have to deal with any Fiat currency. The value for all currencies in the world will be the same, so businesses can help stabilize the Ghanaian economy,” she is quoted to have said by Joy Business.

Dr Kumah pointed out the recent happenings in the global economy due to the COVID-19 pandemic, tensions in Europe has become necessary for a decentralized financial system aimed at revolutionizing transactions.

“Now, money is directed by software. So, the whole world economy is based on this global programmable. Very soon, all the world will stop using cash and everything will be virtualized,” She added.

Meanwhile, the use of cryptocurrencies in Ghana and the world at large have sparked debates over its viability, legal usage and access.

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