Bank of Ghana taps G+D for CBDC pilot

Bank of Ghana taps G+D for CBDC pilot

The Bank of Ghana has enlisted German outfit Giesecke+Devrient (G+D) for an upcoming central bank digital currency pilot.

G+D Filia® Building a truly inclusive public digital currency

As digital forms of payment continue to grow in number and popularity, we believe that there is a need for a government-backed digital currency that is safe, secure, and trusted. A central bank digital currency is a digital version of physical cash. Issued by a central bank, it is pegged to a local currency and made available to everyone, anywhere and anytime. It has the same characteristics as cash, but digital. That means it can be used for payments in stores and online, and can be easily sent to friends and family. But beyond that, and equally important, CBDC fosters digital financial inclusion and serves as a bedrock for further innovation.

G+D Filia® is a token-based CBDC resembling cash enhanced with smart features. It has been designed from the very beginning to allow for consecutive offline payments and can be used through smartphones, smart cards, and other forms of digital and hardware wallets without the need for a bank account, the disclosure of private data, or consumer fees. This helps central banks fulfill their mandate of issuing a digital form of legal tender that can be used independently while guaranteeing widespread benefits for both businesses and the general public.

Learn more about G+D Filia® from our Director of Product Management CBDC, Teresa Riedl, and Business Development Manager CBDC, Polly Baeumler, and as they address how a thoughtfully designed CBDC can support the process of greater financial inclusion as part of the G20 TechSprint 2022 submission proposal.

Under Indonesia’s G20 Presidency, Bank Indonesia (BI), together with the Bank for International Settlements Innovation Hub (BISIH), launched a G20 TechSprint to solicit innovative global technological solutions to catalyse developments in wholesale and retail Central Bank Digital Currencies (CBDCs).

What Is e-Rupi? | How will RBI’S CBDC Pilot Digital Currency Change Things? | e-Rupee Explained

The RBI has taken the first step towards a Central Bank Digital Currency – CBDC – with the pilot kicking off. This pilot is currently only for banks – but the aim is to extend it to corporates, and eventually individuals like us. But how EXACTLY does CBDC function, and will an e-rupee or the digital currency for India really make a difference for us – considering we’re avid users of UPI apps like Google Pay and Paytm? Latha Venkatesh explains!
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Nigeria Is Set To Launch A CBDC Pilot Program In October

Nigeria, a country with one of the world’s highest cryptocurrency adoption rates, is moving ahead with its plan for a central bank digital currency pilot project called Project Giant. The Central Bank of Nigeria has selected Bitt Inc., a Barbados-based fintech startup, as its technical partner for the project, which is scheduled to launch on Oct. 1, the CBN announced on Monday.

According to a report by Nairametrics, the CBN recently sent a document to Nigerian banks that revealed details about its plans for its CBDC, eNaira. The document states that eNaira will be a legal tender in the country and have non-interest-bearing CBDC status with limits in customer and value-based transactions.

The CBN will be responsible for the first phase of the eNaira rollout, including issuance, distribution, redemption, and destruction of the currency. The data will be stored on a cloud server, and monitored and analyzed by the central bank. In the second phase, licensed financial institutions will be able to request or issue stablecoins, while in the third phase the Nigerian government will be able to process digital payments to and from citizens and businesses.

The fourth and fifth stages of the pilot will involve merchants who are expected to provide low-cost payment and business management software and improve user interface and architecture.

According to another report, the CBN has selected Speed Wallet as the official wallet for eNaira. The wallet will not serve as a competitor to banks, but will enable eNaira payments until banks can come up with their own wallets.

According to the Nairametrics report, no charges will be levied for eNaira transactions from users to merchants and for peer-to-peer wallet transactions. The Nigerian banks will be responsible for promoting eNaira usage as a cash alternative.

Meanwhile, other African countries are picking up pace in CBDC development. Earlier this month, Ghana’s central bank announced a pilot project for its CBDC e-Cedi. Countries such as Morocco, Egypt, Kenya, and South Africa, on the other hand, continue to explore the feasibility of central bank digital currencies through research and studies.

#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Nigeria #CBDC #eNiara #CentralBankDigitalCurrency #DigitalCurrency #LegalTender #Money #Niara #Shorts


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As we move deeper into the digital era, our relationship with money continues to evolve. Central banks are now exploring digital currencies for the obvious benefits they present. Ghana recently announced the pilot of the E-Cedi as part of the the Digital Ghana Agenda. However, what exactly is the E-Cedi? How is it different from cryptocurrencies? What are the benefits? and are they any aspects to be concerned about. Get all the answers in this week’s video.
#DigitalTransformation #Fintech #E-Cedi
0:00 Intro
2:00 What is the E-Cedi
2:57 CBDC vs Crypto
7:01 Benefits
7:49 Concern
8:40 Conclusion & Outro