The Bank of Ghana (BoG) takes another step towards the development of a central bank digital currency (CBDC) by partnering with a German money technology provider.

The BoG officially announcement On Wednesday, she signed an agreement with German banknote and securities printing company Giesecke + Devrient (G + D) to pilot a retail CBDC in Ghana, West Africa.

As part of the deal, G + D will provide its proprietary CBDC solution known as Filia to pilot the issuance of a digital form of Ghana’s national currency, the cedi. The digital currency will be tested in a trial with local banks, merchants, payment service providers and consumers, as well as other related parties.

The project is part of Ghana’s digitization strategy, the “Digital Ghana Agenda”, aimed at digitizing government data and services for the country of 30 million people. Also known as e-cedi, the digital cedi aims to complement the country’s traditional national currency as a digital alternative. According to the announcement, the CBDC should facilitate payments without a bank account, contract or smartphone.

BoG Governor Ernest Addison said the e-cedi offers an excellent opportunity to create a “strong, inclusive, competitive and sustainable financial sector led by the central bank”. “From all indications, the concept has an important role to play in the future of financial service delivery globally. This project is an important step towards positioning Ghana to take full advantage of this emerging concept, ”he added.

Ghanaian Vice President Mahamudu Bawumia recently said African governments must embrace digital currencies to facilitate trade across the continent. The official argued in late July that trade between African countries requires a “one central payment” system.

Related: Ghana gears up for central bank digital currency pilot

Originally specializing in printing high quality currency and securities, G + D has focused heavily on digital payments and CBDC technology in recent years. In August of last year, G + D was already trading using its Filia technology with six global central banks like the Bank of Thailand for to create CBDC.

In addition to working on CBDC technology, G + D has also actively invested in the blockchain and cryptocurrency industry, last year. first a $ 17 million Series A round of funding for Metaco, a Swiss startup providing custody services for cryptocurrencies and stablecoins.

Source link

Leave a Reply

Your email address will not be published.