Giesecke+Devrient: Ghana CBDC Nullifies the Need for Multiple Intermediaries in Cross-Border Payments

July 25, 2024 Bitcoin.com

Africa

The recently completed proof of concept by the Bank of Ghana and the Monetary Authority of Singapore demonstrated that the latter’s central bank digital currency enables cross-border payments, excluding many intermediaries and associated costs. Giesecke+Devrient (G+D) stated that the proof of concept (POC) demonstrated the effectiveness of utilizing digital credentials for international trade and cross-border […]

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Ghana Central Bank Partners With Singapore Regulator to Demonstrate Use of Digital Credentials in Global Trade

June 14, 2024 Bitcoin.com

Africa

The Ghanaian central bank recently collaborated with the Monetary Authority of Singapore (MAS) to demonstrate the use of digital credentials in international trade. The second phase of Project DESFT culminated in the execution of cross-border trade between the West African nation and Singapore in April 2024. Ghana’s CBDC to Streamline Cross-Border Trade The Bank of […]

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Ghana, Singapore conduct trade in semi-fungible token pilot project

May 17, 2024 Coin Telegraph

Bank of Ghana

Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, with an emphasis on credentialing.

The Bank of Ghana (BOG) and Monetary Authority of Singapore (MAS) have completed a proof-of-concept for the Digital Economy Semi-Fungible Token (DESFT) Project, according to various local press reports. The project is intended to encourage trade between micro, small and medium enterprises (MSMEs) in the two countries.

Within the project, live transactions have been carried out between the sides. To do so, they leveraged the Universal Trusted Credentials semi-fungible token protocol developed by the United Nations Development Program, according to Singapore-based Ample FinTech, which identified itself as the developer of the DESFT. The token contained verified licenses, certificates and trade records.

A stablecoin pegged to the Singapore dollar (XSGD) and the BOG’s e-cedi central bank digital currency (CBDC) were used for exchange within a Purpose Bound Money protocol on a distributed ledger.

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Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations

September 4, 2022 Bitcoin.com

Bank of Ghana

The Bank of Ghana has said the expected implementation of the central bank digital currency will not disrupt or negatively impact the operations of mobile money operators. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well as to “fast-track cross border trade.” CBDC to Complement Mobile […]

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Ghana Central Bank Announces Launch of Regulatory Sandbox

August 24, 2022 Bitcoin.com

Africa

Ghana’s recently launched regulatory and innovation sandbox is the latest proof of the central bank’s commitment to a regulatory environment that promotes “innovation, financial inclusion and financial stability,” a statement released by the Bank of Ghana has said. According to the central bank, innovations that are eligible for inclusion in the sandbox include digital financial […]

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Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency

March 28, 2022 Bitcoin.com

Bank of Ghana

In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency. Benefits of a CBDC The Ghanaian central […]

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Ghana Central Bank Working to Make CBDC Available to Offline Users

October 20, 2021 Bitcoin.com

Bank of Ghana

The Ghanaian central bank is seeking to make its digital currency, the e-cedi, available to offline users, an official with the bank has said. Overcoming the Challenge of Limited Power According to Kwame Oppong, who heads fintech and innovation at the Bank of Ghana (BOG), the e-cedi is also expected to facilitate transactions without the […]

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Bank of Ghana Urged to Resist Developing a CBDC Based on ‘Old Traditional Siloed Financial Thinking’

August 17, 2021 Bitcoin.com

Afroblocks

A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the “old traditional siloed financial thinking.” Afroblocks Not Consulted Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate “financial projects that are […]

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Bank of Ghana Selects German Technology Firm as Partner for CBDC Project

August 13, 2021 Bitcoin.com

Bank of Ghana

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 […]

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Ghana Vice President Praises Central Bank’s CBDC Initiative, Says Digital Currencies Can Boost Intra-African Trade

July 30, 2021 Bitcoin.com

AFCFTA

The Ghanaian Vice President, Mahamudu Bawumia, has implored African governments to start exploring digital currencies as such alternatives have the potential to enhance intra-African trade. In addition, such digital currencies allow African countries to carry out all cross-border payments smoothly, the leader explained. Ghana Government Backing for CBDC According to a report, Bawumia made these […]

e-cedi

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