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Bank of Ghana pilots Africa’s first general-purpose CBDC

Through a partnership with Giesecke+Devrient, the central bank will test out the e-cedi, a digital version of Ghana’s national currency According to a press statement , the Bank of Ghana will pilot the first general purpose central bank digital currency for Africa (CBDC). To launch the scheme, Giesecke+Devrient, a security technology provider, has been partnered…

Through a partnership with Giesecke+Devrient, the central bank will test out the e-cedi, a digital version of Ghana’s national currency

According to a press statement , the Bank of Ghana will pilot the first general purpose central bank digital currency for Africa (CBDC). To launch the scheme, Giesecke+Devrient, a security technology provider, has been partnered by the central bank.

The pilot will be followed by the full rollout a digital version the cedi (Ghana’s national currency). The e-cedi will be a complement to physical cash and create a digital payments infrastructure that allows people to participate without having to have a bank account.

Based in Munich, G+D offers services such as smart card, banknote, and securities printing and cash handling systems. G+D’s CBDC solution Filia, which is tailored to Ghana’s requirements, provides regulatory compliance and data protection. Filia provides secure and consecutive offline payments that can be made even if there is no internet connection, ensuring high resilience, availability, security, and security.

CEO for G+D’s Currency Technology Sector, Wolfram Seidemann said, “Central bank around the globe are looking into the introduction of digital currency as legal tender. One of the first African nations to enter a pilot phase is Ghana. We are proud to support Ghana with our technology and expertise.”

The country is digitizing its government services as part the Digital Ghana Agenda. This pilot project is an integral part of that initiative. Filia will be adapted to Ghana’s technical, regulatory and economic requirements during the initial design phase.

The next stage will be the piloting of technology by conducting field tests with different payment channels, such as mobile apps and smart cards, by a group made up of people from diverse economic and social backgrounds.

While the pilot is ongoing the Bank of Ghana will evaluate the legal implications of CBDC as well as the effect it has on the payment system, monetary policy, and the payment system. To gauge acceptance of the new currency, the Bank of Ghana will conduct a survey of end users of the electronic cedi.

Dr Ernest Addison (HTMO Bank of Ghana) explained that “CBDC offers a tremendous opportunity to create a strong, inclusive, competitive, and sustainable financial sector under the direction of the Central Bank. All indications point to the fact that the concept plays a major role in the future delivery of financial services globally. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept.”

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Bitcoin

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Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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