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Ghana introduces Africa’s first NFT stamp

By:
on May 9, 2024
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  • Ghana Post has launched the world’s first NFT crypto stamp to mark the 25th anniversary of the Asantehene.
  • The crypto stamp is aimed at preserving the cultural heritage of the Ashanti people.
  • Ghana is also setting up a crypto regulation task force and developing a central bank digital currency.

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The Ghana Post Company has introduced the world’s first crypto stamp to celebrate the 25th anniversary of the reign of a ceremonial ruler in Ghana. Unveiled on May 5, the crypto stamp, developed as a non-fungible token (NFT), bears the images of the Asantehene, Otumfuo Osei Tutu II, the ruler of the Ashanti people.

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Bice Osei Kuffour, the managing director at the state-owned postal company, has expressed that the NFT stamp is more than just a technological innovation. It’s a tool that aims to preserve the Asantehene’s heritage and celebrates the traditional leader’s 25 years on the throne.

“Today, as we unveil the commemorative stamps dedicated to His Majesty’s reign, we affirm our commitment to innovation and excellence in preserving our nation’s stories and delivering them to the world,” Kuffour said in a statement.

A crypto hub in Africa

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Ghana stands as the 9th country in terms of cryptocurrency adoption rate, per a December 2023 report. However, the primary demand for the emerging sector has been driven by the younger population.

56.1% of crypto owners in the survey were between the ages of 18 to 34, and 29.5% were aged between 34 to 54. Only a mere 14.4% of participants were aged above 55.

According to the Ghana Post official, the NFT stamps will act as a bridge between the nation’s younger and older populace.

The postal service has been praised for its efforts by Ursula Owusu-Ekuful, Ghana’s Minister of Communications and Digitalisation. Per the minister, the stamps will reflect the nation’s “identity” and are a link between “traditional values and […] wild anticipations.”

The stamp is set to be used in 156 nations as part of the Ministry of Communication and Digitalization’s border efforts to merge tradition and technology.

Blockchain a key sector in Ghana

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Ghana has seen notable developments in the crypto sector over the past years. According to reports, the nation will introduce a task force to regulate crypto assets in 2023.

Despite the lack of a clear regulatory framework, the nation continues to house a thriving crypto economy.

Meanwhile, Ghana is also working on developing its own central bank digital currency (CBDC). As per the latest development, the Bank of Ghana has revealed its intention to introduce offline capabilities for the tech.

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