BoG partners with Giesecke+Devrient to pilot Digital Currency in Africa

The Bank of Ghana has partnered with Giesecke+Devrient (G+D) to pilot a general-purpose Central Bank Digital Currency (retail CBDC) in Ghana, West Africa.

A statement issued by the central bank said G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders.

The BoG noted that the project would be divided into three phases: design, implementation and pilot.

The statement said: ”In the design phase, all framework parameters for the CBDC pilot will be specified and defined. These include economic, regulatory and technical requirements of the country as well as the definition of the parameters for the test phase.

In accordance with these individual requirements, G+D’s CBDC solution would be adapted for the Ghanaian context in the second phase. In the pilot phase, a user group of diverse demographic and socio-economic backgrounds will test the solution in the field using different channels and form factors such as mobile apps and smart cards. Over the course of the pilot project, a study will be conducted on the acceptance of the e-Cedi from the end users’ perspective. In addition, the IT security of the infrastructure, impact of the project on monetary policy and payment system, and the legal implications will be evaluated.”

Below is the link to the full statement

https://www.bog.gov.gh/wp-content/uploads/2021/08/CBDC-Joint-Press-Release-BoG-GD-1.pdf?fbclid=IwAR2pQcKb0ctuw5IGWnCk7ulkU-71ShO7FMgCYiNFmZ4B5AvTxFq_ybChUWg

By: Rainbowradioonline.com

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