Exploring the Future of Digital Currency in Mauritania
German security technology company Giesecke+Devrient (G+D) has joined forces with the Central Bank of Mauritania to delve into the possibilities of creating a new digital currency known as the ‘digital Ouguiya.’ The collaboration was solidified during the World Bank Group’s Spring Meetings in Washington, where both parties expressed their commitment to exploring the development of a central bank digital currency (CBDC) for Mauritania.
Partnership for Innovation and Advancement
- The partnership between G+D and the Central Bank of Mauritania marks a significant step towards embracing digital innovation and advancing the nation’s economic landscape.
- Both entities have come together to explore the design, development, and implementation of a digital Ouguiya, with a focus on how this new currency can benefit the Mauritanian economy and society.
- By combining their expertise and resources, G+D and the Central Bank of Mauritania aim to pave the way for the successful integration of a digital currency that can drive economic growth and financial stability in the country.
G+D’s Contribution to CBDC Development
G+D is set to play a crucial role in the development of the digital Ouguiya, providing technical solutions for initial testing of CBDC use cases and assisting the central bank in defining the necessary requirements for the new currency. The company’s extensive experience in currency technology, smart cards, cryptology, and digital payments positions it as a valuable partner in the exploration of CBDCs.
Key Highlights:
- G+D’s expertise in developing CBDC solutions has been recognized through successful collaborations with central banks in various countries, including Brazil, Ghana, and Eswatini.
- The company’s pilot project with the Bank of Ghana demonstrated the seamless integration of financial intermediaries and enhanced user experience capabilities, showcasing the potential of CBDCs to transform traditional payment systems.
- With a focus on public currency technology and innovative payment solutions, G+D is well-equipped to support central banks in their journey towards implementing and operating CBDCs efficiently.
Driving Economic Stability and Growth
For Mauritania, the exploration of a CBDC represents a significant opportunity to strengthen macroeconomic stability, enhance financial inclusion, and foster sustainable economic growth. By embracing digital innovation in the form of the digital Ouguiya, the country aims to position itself at the forefront of technological advancement in the realm of digital currencies.
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