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Ghana Primed for Blockchain Innovation

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June 14, 2021, 12:01 p.m.

Since the invention of Bitcoin in 2008, cryptocurrency has been a source of discussion for both its potential wealth creation and its technological innovation. While some countries have struggled with regulation surrounding blockchain technology, others have taken the brave leap towards accepting and even encouraging this revolutionary development. According to experts, Ghana is potentially one of the top locations for this exciting tech boom. Ghana’s economy has continued to grow, but it has faced the struggles and challenges that many developing countries encounter as they enter into a fast-paced economy. In order to stay ahead of the curve and compete on a global scale, economists and tech entrepreneurs argue that Ghana would be wise to continue its efforts in the promotion of blockchain.

In February, the Bank of Ghana released a press statement announcing “a fintech regulatory and innovation live testing pilot that will give preference to projects using blockchain technology.” This announcement coincided with a massive increase in cryptocurrency transactions, rivalling even that of other cryptocurrency-friendly African nations such as South Africa and Nigeria. Advocates within Ghana hope to see more of this innovative optimism from the central bank.

The first step to understanding why the government and tech experts are so enthralled with cryptocurrency is understanding the original: Bitcoin. The digital currency, Bitcoin, provides low transaction fees and is not operated by a central authority. Bitcoin’s transparent and open-access nature is due to its public ledger technology known as “blockchain.” Thanks to its open-source nature, Bitcoin can avoid many of the pitfalls and disadvantages associated with central banks and government-issued fiat currency. This makes it the perfect solution for many of Ghana’s economic woes.

The rapidly growing cryptocurrency startup Yellow Card has been declaring its support and interest in the Ghanian market for the past couple of years. Yellow Card has focused on Africa as a prime market for Bitcoin development, and the overwhelming majority of its hires, from marketing to development, have been Africans. Yellow Card is particularly keen on becoming an educational source about Bitcoin and blockchain technology, in addition to providing a safe and convenient means of buying and selling bitcoin. This educational source is expected to be a significant encouragement for those within Ghana who are looking to start their own blockchain-based projects. Yellow Card predicts that Bitcoin adoption and subsequent wealth creation will be an exciting new opportunity for many Ghanaians.

Yellow Card’s founder Chris Maurice added to this, saying, “We are excited to see the massive growth in Bitcoin and blockchain adoption within Ghana, and we are looking forward to a bright future within the tech-hungry nation.”

The recent encouragement from the state, the growth in P2P Bitcoin transactions, and the overwhelming support from companies like Yellow Card make it clear that Ghana will continue to be a hotspot for blockchain development. Entrepreneurs, investors, and personal users of Bitcoin and other alternative currencies all have a perfect opportunity to get in early on a technological turn that could be as big or bigger than the creation of the internet. Only time will tell how soon the people of Ghana will adopt this technology.

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