German security technology group Giesecke+Devrient (G+D) is partnering with the Central Bank of Mauritania to explore the design and development of a central bank digital currency (CBDC) dubbed ‘digital Ouguiya.’
The partners signed a deal during the World Bank Group’s Spring Meetings held this month in Washington. Wolfram Seidemann, CEO of G+D Currency Technology, and Mohamed Lemine Ould Dhehby, governor of the Banque Centrale de Mauritanie inked a deal to work together in investigating the creation of a CBDC.
The collaboration focuses mainly on the potential advantages of a digital Mauritanian Ouguiya for the nation’s economy and society.
The governor noted that the central bank is “strategically positioned” for the potential launch of its digital currency.
“Through the exploratory work we have now agreed, we are expanding our knowledge base, skills and experience. G+D’s expertise in this innovative, rapidly developing field will help us to bring it to life for the benefit of the whole country.”
G+D’s Role in CBDC Development
Per the company’s release on Tuesday, G+D will offer technical solution for initial testing of CBDC use cases. Additionally, it would help the central bank in defining the requirements for a digital Ouguiya.
“The digital Ouguiya is part of the digital transformation agenda for the entire country,” Seidemann said in the statement. “It is of critical importance for economic and social progress.”
G+D has conducted research into CBDC adoption for several jurisdictions including Brazil, Ghana and Eswatini. For instance, G+D’s CBDC pilot with the Bank of Ghana proved a successful integration of financial intermediaries. It facilitated seamless interoperability and enhanced user experience capabilities.
According to Seidemann, G+D provides expertise on public currency technology, cryptology, smart cards, and digital and mobile payments to central banks conducting research on and implementing CBDCs. One of the solutions – G+D Filia – supports central banks in operating CBDCs nationally.
As far Mauritania is concerned, the evaluation of a CBDC is important for consolidating macroeconomic stability and improving the sustainability of Mauritania’s economic growth.
The post G+D to Assist Central Bank of Mauritania in CBDC Design appeared first on Cryptonews.