{"id":13731,"date":"2022-08-24T11:37:24","date_gmt":"2022-08-24T11:37:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ghana-central-bank-announces-launch-of-regulatory-sandbox-africa-bitcoin-news\/"},"modified":"2022-08-24T11:37:24","modified_gmt":"2022-08-24T11:37:24","slug":"ghana-central-bank-announces-launch-of-regulatory-sandbox-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ghana-central-bank-announces-launch-of-regulatory-sandbox-africa-bitcoin-news\/","title":{"rendered":"Ghana Central Bank Announces Launch of Regulatory Sandbox \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ghana\u2019s recently launched regulatory and innovation sandbox is the latest proof of the central bank\u2019s commitment to a regulatory environment that promotes \u201cinnovation, financial inclusion and financial stability,\u201d a statement released by the Bank of Ghana has said. According to the central bank, innovations that are eligible for inclusion in the sandbox include digital financial service technology which is deemed to be new or \u201cimmature.\u201d<\/strong><\/p>\n

Fostering \u2018Innovation and Financial Stability\u2019<\/h2>\n

The Ghanaian central bank has touted the recently launched regulatory and innovation sandbox as a fulfillment of its \u201ccommitment to continuously evolve a conducive regulatory environment that fosters innovation, financial inclusion and financial stability.\u201d The bank added that the sandbox will help the Bank of Ghana (BOG) better understand innovative products while allowing \u201cfor potential improvements to legal and regulatory requirements to encapsulate emerging technologies.\u201d<\/p>\n

According to the bank\u2019s statement, the sandbox, which was developed in conjunction with Emtech Solutions Inc, is open to all regulated financial institutions in Ghana. Unlicensed fintech startups whose innovative products meet the regulatory requirements are also eligible for the sandbox environment.<\/p>\n

As per the central bank\u2019s press statement<\/a>, some of the qualifying innovations include digital financial service technology that is deemed to be new or immature. Also potentially qualifying for the sandbox are disruptive digital financial services products or solutions that attempt to address the \u201cpersistent financial inclusion challenge.\u201d<\/p>\n

Financial Inclusion in Ghana<\/h2>\n

On why the sandbox is needed, the central bank\u2019s press release explains:<\/p>\n

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Bank of Ghana through this initiative, affirms its commitment to provide the enabling environment for innovation to promote financial inclusion and facilitate Ghana\u2019s digitization and cash-lite agenda. With support from FSD Africa, we will engage various stakeholders including industry groups, associations and innovation hubs.<\/p>\n<\/blockquote>\n

The central bank\u2019s statement in the meantime touched on the BOG\u2019s central bank digital currency (CBDC) project which has the \u201cpotential of boosting innovation in digital financial service.\u201d When \u201cmainstreamed\u201d the CBDC or \u201ce-cedi\u201d can potentially further enhance the digitalization of Ghana\u2019s financial sector, the statement said.<\/p>\n

Concerning blockchain technology, the BOG claimed its decision to admit \u201ca blockchain solution\u201d during the sandbox pilot phase is proof of its \u201ccommitment to innovation.\u201d<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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