By Shelly Melancon (Switzerland)
Ghana’s apex bank has taken a giant step towards launching its Central Bank Digital Currency (CBDC). It has announced that Germany-based securities printing firm Giesecke+Devrient (G+D) will supply the technology for its CBDC.
G+D To Offer Its Proprietary Software To Bog
Part of the deal will involve G+D offering its Filia tech (its customized CBDC solution) to launch Ghana’s e-Cedi. Relevant partners have already been identified for the CBDC test run. They include selected financial institutions, merchants, and payment service solutions.
Ghana’s CBDC launch forms part of its “digitize Ghana” project. A plan whose goal is to ensure that all services are digitized and readily available to its teeming population. However, the authorities have announced that the e-Cedi isn’t out to replace the nationally recognized Cedi. It is only being launched as an alternative to it.
One of the aims of launching the digital Cedi is to allow anyone to access digital services without a smartphone, contract, or bank account. Ernest Addison, Governor of the Bank of Ghana, revealed that this digital currency would enable financial operators to provide sustainable and competitive financial services to Ghanaians.
He also said, “our research has shown that this idea will be hugely significant to the financial landscape of any economy. Hence, this project is our way of putting Ghana at the forefront of this growing industry.”
In a separate interview late last month, the country’s vice president, Mahamudu Bawumia, reiterated the need for African leaders to adopt digital assets to improve trade relationships among the continent’s countries.
He opined that one central payment system is the best option to facilitate trade among countries of this continent. Before specializing in cryptocurrencies and blockchain technology, G+D was in the business of printing securities and top-quality currencies.
But by the summer of last year, the company has completed the test of its proprietary Filia tech and was already negotiating with the bank of Thailand and other authorities’ central banks to help them launch their CBDC. Apart from having and deploying its technology, G+D has also been investing actively in other industry niches.
Its latest involvement was a Series A fundraising for Metaco. G+D supplied the majority of the $18 million funds raised by the Swiss firm, which it plans to use to provide cryptocurrency custodian services, including stablecoins.
Jamaica Mints The First Batch Of CBDC
Per a press release issued today, the Bank of Jamaica (BoJ) has minted J$231 million of virtual currency for payment service solution firms in the country for the test run till the end of the year. Commenting on the development, Nigel Clarke, the country’s finance minister, revealed that once its e-JMD is fully launched after the trial, merchants will use it for payment settlements without paying any service fee.
Clarke further said that the e-JMD is different from the known cryptocurrency, saying “regulators authorize the e-JMD.” He then promised that the authorities would put in place all necessary policies before this fiscal year is over.
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