Bank of Ghana Selects German Technology Firm as Partner for CBDC Project
The Bank of Ghana (BOG) says it has signed an agreement with Giesecke Devrient (GD) to implement a pilot central bank digital currency (CBDC) project. This pilot CBDC, which is a precursor to the e-cedi digital currency, is set to be tested with banks, payment service providers, merchants, consumers and other relevant stakeholders. Learning From the Trial Phase In a press release, the Ghanaian central bank says GD will provide the technology and a solution that suits Ghana’s requirements. The press statement adds that during the trial phase, a study seeking to look at “the....
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Ghana is one of the few African countries that is hopping on the cryptocurrency train. The country is particularly taking concrete steps towards embracing this innovation. During the Fifth Ghana International Trade and Finance Conference in Accra, The Vice President of Ghana – Dr. Mahamudu Bawumia – said that African governments should embrace virtual currencies. […]
Originally specialized in currency and securities printing, Giesecke+Devrient has been increasingly working with central banks like the Bank of Thailand in piloting CBDCs. The Bank of Ghana (BoG) is making another step towards the development of a central bank digital currency (CBDC) by partnering with a German currency technology provider.The BoG officially announced Wednesday that it 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 agreement, G+D will provide its proprietary CBDC....
Eswatini recently became the latest African country to jump on the central bank digital currency (CBDC) bandwagon after its central bank selected Giesecke Devrient, a Germany-based technology firm, as its partner. An agreement signed by both parties aims to enable them to deepen their “understanding of the practicalities of implementing a CBDC in Eswatini.” Retail CBDC Presents Strongest Opportunity for Adoption The Southern African nation of Eswatini (formerly Swaziland) recently became the latest African country to signal its intention to issue a digital currency, after it....
The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC).
E-Naira Draft Guidelines
The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita....
In a significant announcement, the National Bank of Georgia (NBG) has shortlisted Ripple Labs alongside eight other firms as potential technology partners for its Central Bank Digital Currency (CBDC) pilot project titled “Digital GEL.” Ripple Is In The Shortlist Of Nine In an official press release dated September 28, 2023, the NBG disclosed its intent […]