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The Republic of Ghana is exploring the benefits of issuing a central bank digital currency (CBDC), the governor of the country’s central bank says.

Ernest Addison, a Ghanaian economist currently serving as the governor of the Bank of Ghana (BoG), revealed that the bank is working with key stakeholders to explore a pilot CBDC project.

In a keynote address within the 23rd National Banking Conference on Nov. 26, Addison stated that the CBDC project would be carried out in a sandbox “with the possibility of issuing an e-cedi in the near future.” The cedi is Ghana’s national fiat currency.

The governor did not mention whether the digital currency would be based on blockchain technology.

“Digital financial technologies will continue to define the future of our banking experience”

In the keynote, the BoG governor claimed that the CBDC pilot falls in line with the national effort to digitize the financial and banking sector. “Digital financial technologies will continue to define the future of our banking experience,” Addison said, claiming that mobile money transaction volumes increased from 982 million in 2017 to 1.4 billion in 2018.

“This consistent growth pattern underscores the sustainable nature of opportunity for the banking sector,” the governor concluded.

BoG authorized Ghana’s largest bank to issue e-money

As such, the governor also announced that the BoG authorized Ghana Commercial Bank (GCB Bank) — the largest bank in Ghana in terms of total operating assets — to issue e-money similar to what is known as mobile money.

According to Addison, GCB Bank would create electronic value backed by an equivalent cash amount, which will allow customers to have access to electronic wallets issued by GCB.

Ghana is not the first country in Africa to consider the benefits of issuing its own digital currency. In August 2019, the National Bank of Rwanda announced it was researching how to offer an official digital currency in order to increase transaction efficiency and foster economic growth.

Cointelegraph By Helen Partz , 2019-11-27 15:47:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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