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Exploring the Central Bank Digital Currency in Mauritania
German security technology group Giesecke+Devrient (G+D) has partnered with the Central Bank of Mauritania to delve into the design and development of a central bank digital currency (CBDC) known as ‘digital Ouguiya.’
Partnership Details
The partnership was formalized during the World Bank Group’s Spring Meetings in Washington. Wolfram Seidemann, CEO of G+D Currency Technology, and Mohamed Lemine Ould Dhehby, governor of the Banque Centrale de Mauritanie, have joined forces to explore the creation of a CBDC.
Focus of Collaboration
The collaboration primarily centers on the potential benefits of introducing a digital Mauritanian Ouguiya to the nation’s economy and society.
The governor expressed that the central bank is well-positioned for the potential launch of its digital currency. He emphasized the importance of expanding knowledge and skills through the partnership with G+D, aiming to leverage the company’s expertise for the country’s benefit.
G+D’s Role in CBDC Development
G+D will provide technical solutions for the initial testing of CBDC use cases and assist the central bank in defining the requirements for the digital Ouguiya. The company views the digital Ouguiya as a crucial component of the country’s digital transformation agenda, essential for economic and social progress.
Having conducted research on CBDC adoption in various jurisdictions, including Brazil, Ghana, and Eswatini, G+D brings valuable experience to the table. For instance, the successful CBDC pilot with the Bank of Ghana showcased G+D’s capabilities in enhancing interoperability and user experience.
Seidemann highlighted G+D’s expertise in public currency technology, cryptology, smart cards, and digital payments, offering support to central banks exploring CBDC implementation. The G+D Filia solution specifically aids central banks in operating CBDCs at a national level.
Importance for Mauritania
The evaluation of a CBDC holds significance for Mauritania, as it aims to strengthen macroeconomic stability and foster sustainable economic growth in the country.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
