June 1, 2021
Central banks around the world are looking to develop their own digital currencies, which use technology to represent a country’s official currency in digital form.
Last year, the Bahamas launched one. In the past two months, Norway, Japan, Indonesia, Sweden and South Korea have announced digital currency trials. In Africa, the feasibility of the technology is being explored by Ghana, Morocco, Egypt, Kenya, and South Africa.
Dr. Co-Pierre Georg, associate professor at the University of Cape Town (UCT), South Africa, is an expert on central bank digital currencies. He says Africa should take the lead in disrupting the global financial services system through the instrument, as the continent has a significant remittance market, and is primed for more fintech investment. UCT recently joined the University Blockchain Research Initiative, a blockchain accelerator program, to solve key fintech challenges, and explore real-world solutions for blockchain and cryptocurrency.