The Central Bank of Ghana, with the goal of supporting blockchain-related projects in the country, launched a pilot of a regulatory sandbox, BTCManager.com reports. According to the source, citing the press release by the bank, the new framework aims to improve financial inclusion in the country and support financial innovations such as ones related to blockchain.
The parties that took part in program development are a fintech company EMTECH and the Bank of Ghana, the source says. It is also suggested that the same platform will be used to perform tests of Central Bank Digital Currency (CBDC).
Ghana has taken part in several blockchain initiatives over the years. In 2015, the BenBen’s digital land database was established to combine all land registries in the country in one system powered by the blockchain. Moreover, in 2016, a blockchain startup Bitland piloted a land survey and title deeds recording project in 28 communities in the country, as per a press release.
In 2019, mobile provider Vodafone Ghana teamed up with IBM, HackLab Foundation, and Stanbic Bank for a blockchain innovative program to have taken place at a hackathon for university students. And in the same year, a Central Bank executive spoke about the possibility of issuing a CBDC in the future.