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The Bank of Ghana And Giesecke+Devrient Firm Collaborate to Pilot CBDC

By Mark L - Cryptocurrency Specialist - 12-08-2021

A currency and securities printing specialist firm, Giesecke+Devrient, appears to have made it a goal to collaborate with as many central banks as they can; one example is that the company had also partnered with the Bank of Thailand. The aim of joining forces with many central banks is to help each country to pilot central bank digital currencies or CBDCs for short.

A CBDC is a crypto to fiat digitalised national currency. The central bank gives the nation a digital currency that operates similarly to a fiat pegged cryptocurrency, much like how crypto traders invest in stablecoin.

By cooperating with a German currency technology company, the Bank of Ghana (BoG) takes massive strides to establish a digital currency. An official contract had been made and signed this past week, followed by an announcement to spread the news of the two companies' partnership. They were further announcing to the world that Ghana's central bank and the German banknote and securities printing firm Giesecke+Devrient (G+D) are on their way to piloting the CBDC project. 

Reportedly, in order to manufacture the digital equivalent of the national currency of Ghana, G+D will deliver its patented CBDC technology, Filia. Once the digital cedi is minted, it will be trialled by businesses, consumers, local banks, and other stakeholders.

Aside from providing the world with CBDCs, G+D has been aggressively investing in cryptocurrency and blockchain. The firm led a $17M funding round for a Swiss start-up, Metaco, which provides customers with custody services for cryptocurrency. 

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