Bitcoin introduction to spur growth of digital transactions

Acclaimed computer scientist Prof Nii Narku Quaynor has told Citi Business News the introduction of Bitcoin in Ghana will help spur the growth of a cashless society in Ghana.

Bitcoin was introduced in Ghana in February 2016 as part of measures to enhance and promote a cashless society.

Bitcoin, a type of digital currency is used to pay for things without a third-party broker, like a bank or government.

It also helps in transacting money through the internet at a simple and fast rate.

Speaking to Citi Business News at the sidelines of the 3rd Ghana E-Commerce Expo and Summit in Accra Prof Nii Narku Quaynor, who is also the Chairman of Ghana Dot Com Limited, said technological advancement will also support bitcoin’s growth and value.

“So Ghana on February 6th 2016 this year began actually being one of the few that participates in the process of solving the puzzle that supports the currency to maintain its value. It’s the first in Africa because everyone seems to think its too difficult and its dominated by the Asians in particular China.

But I also think that if you want confidence to be built in the digital currency then we should all start building some and if we are doing it then we will have confidence in the currency and then the currency can be freely used on the internet.

It is digital money so it’s even better than your mobile money and even better than your credit card because it is natively designed for being used in cyber environments. It’s faster and it’s more under the control of the owner.” he said.

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana

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