The Central Bank of Ghana will cooperate with the German G+D company to launch a CBDC pilot project

Ghana is one of the few African countries active in the crypto field, and the country is taking specific measures to promote innovation in the crypto field.

At the Fifth Ghana International Trade and Finance Conference in Accra, Dr. Mahmudu Bawumia, Vice President of Ghana, pointed out that African governments should adopt digital currencies. The reason is that this will promote trade and strengthen the role of other productive sectors in its economic system .

Dr. Bawumia said: “Digitalization has also become one of the most important policies of the government led by President Nana Akufo-Addo. When the scourge of the new crown pneumonia epidemic has forced many economies to implement partial and complete lockdowns, it has strengthened the need for digitalization. “

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According to Wikipedia, Giesecke+Devrient (G+D) is a German company headquartered in Munich that provides currency and securities printing, smart cards, and cash processing systems.

One of the payment solutions provided by G+D is to design a secure digital future through CBDC.

” With the continuous increase in the number and popularity of digital payment forms, we believe that it is necessary to establish a safe, reliable and credible digital currency supported by the government .” “CBDC is a digital version of physical cash,” G+D Pointed out in its official website.

The CBDC issued by the central bank and linked to the local currency and provided to everyone and anywhere has many of the same characteristics as cash, and it also brings additional benefits of digitization.

G+D cooperates with central banks around the world to develop a universally accepted and available legal currency, that is, an anonymous, transparent, and secure currency that is guaranteed to the highest degree .

On August 11, 2021, the Bank of Ghana and Giesecke+Devrient jointly issued a press release, pointing out that the two parties will pilot the partnership of the Universal Central Bank Digital Currency (Retail CBDC) in Ghana.

The press release stated that “G+D is providing technology and developing solutions tailored to Ghana’s needs, and will conduct tests with banks, payment service providers, merchants, consumers and other relevant stakeholders in the pilot phase.”

In addition, this CBDC project is divided into three phases: design, implementation and pilot.

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This project is part of the “Digital Ghana Agenda”. This agenda involves the digitization of a country with a population of 30 million and its government services.

Digital Cedi, or e-Cedi, aims to complement and serve as a digital substitute for physical cash. Therefore, it promotes Ghana’s “cash less” agenda by promoting diversified digital payments .

Its goal is to ensure that Ghana has a safe and sound payment infrastructure. In addition, it aims to facilitate payments for users who do not have bank accounts, contracts, and smartphones, thereby promoting the use of digital services and financial inclusion for all population groups.

Dr. Ernest KYAdamsion, Governor of the Central Bank of Ghana, said, “The CBDC provides an excellent opportunity to build a strong, inclusive, competitive and sustainable financial sector led by the Central Bank .”

He also said, “From all indications, this concept plays an important role in the future of providing global financial services. This project is an important step for Ghana to make full use of this new concept.”

The original text comes from bitcoinist, compiled and compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

 

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