Bank of Ghana Launches Hackathon to Explore Various Use Cases of CBDC

The Ghanaian central financial institution stated will probably be internet hosting a 12-week hackathon the place individuals are anticipated to discover the e-cedi’s 9 totally different use instances. At the top of the hackathon, the central financial institution will maintain a convention the place people with excellent options are acknowledged.

Addressing Ghana’s Financial Inclusion Challenges

The Ghanaian central financial institution, also called Bank of Ghana (BOG), not too long ago introduced the launch of a central financial institution digital forex (CBDC) hackathon. According to the financial institution, this occasion seeks to avail alternatives to fintech startups, builders and innovators to develop revolutionary options that discover varied use instances of CBDC.

https://t.co/bvOB6EsBoW#eCedi #hackathon #bankofghana pic.twitter.com/KOGqPwBrGT

— Bank of Ghana (@thebankofghana) October 6, 2023

In a press launch collectively issued with know-how associate Emtech, the Ghanaian central financial institution stated the hackathon will run for a interval of 12 weeks. During this time, innovators are anticipated to give you options that handle monetary inclusion challenges. At the top of the hackathon, a convention the place excellent options are acknowledged shall be held.

Real Life Use Cases

Explaining why this methodology of discovering the most effective options was chosen, the BOG stated:

“The project is a part of the e-cedi research project and presents an opportunity for the Bank to explore emerging technologies, foster creativity and contribute to the advancement of the e-cedi development.”

Meanwhile, the Ghanaian central financial institution said that people and groups with a ardour for the know-how are eligible to affix the hackathon. Among the 9 use instances that the BOG needs builders and innovators to deal with is the usage of the e-cedi in service provider transactions. Other use instances embody utilizing the e-cedi for presidency funds and inbound remittances.

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