The Central Bank of Mauritania (CBM) has entered into a partnership with security technology firm, Giesecke+Devrient (G+D), to develop and rollout a digital rendition of the nation’s currency, the Ouguiya.
According to G+D, the objective of this initiative is to comprehensively explore the potential advantages that a digital Mauritanian Ouguiya could offer to both the society and economy of Mauritania.
G+D, headquartered in Germany, is expected to assist the Central Bank of Mauritania in outlining the specifications for a domestic Central Bank Digital Currency (CBDC). Additionally, the security company will provide the technical infrastructure for conducting preliminary tests based on specified usage scenarios.
“The Banque Centrale de Mauritanie has strategically positioned itself for the potential launch of a digital currency,” said Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania.
“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 provides expertise in public currency technology, cryptology, smart cards, and digital and mobile payments to central banks and financial institutions engaged in research and implementation of Central Bank Digital Currencies (CBDCs).
More specifically, G+D Filia is a solution designed to aid central banks in effectively managing and operating their national Central Bank Digital Currencies (CBDCs), while ensuring compliance with security and resilience standards.
EXPERT VIEW | CBDC Implementation is Being Powered by Nations with Comparatively Less Developed Financial Infrastructure – A Case for Eswatini 🇸🇿 and Ghana 🇬🇭
The CEO of Giesecke + Devrient, the company building the Eswatini and Ghana CBDCs, was speaking about pioneering… pic.twitter.com/RZMdsIV653
— BitKE (@BitcoinKE) September 1, 2023
“The digital Ouguiya is part of the digital transformation agenda for the entire country and is of critical importance for economic and social progress. With our fifty-year of business relationship, we are all the more honored to be able to support the Mauritanian central bank also in that context, providing specialist knowledge and expertise from our many CBDC projects,” adds Wolfram Seidemann, CEO of G+D Currency Technology.
The German company is also implementing the CBDCs for Eswatini and Ghana.
9 Out of 13 African Countries Chasing CBDCs Are in Research Phase, Says The IMF
African countries researching CBDCs are:
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🇿🇼https://t.co/kd64c0PvnI @IMFNews pic.twitter.com/1CvHQxeGnx— BitKE (@BitcoinKE) June 28, 2022
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About Giesecke+Devrient
Giesecke+Devrient (G+D) is a global SecurityTech company headquartered in Munich, Germany. G+D makes the lives of billions of people more secure. The company shapes trust in the digital age, with built-in security technology in three segments: Digital Security, Financial Platforms and Currency Technology.
G+D was founded in 1852 and today has a workforce of more than 14,000 employees. In the fiscal year 2023, the company generated a turnover of 3 billion euros. G+D is represented by 123 subsidiaries and joint ventures in 40 countries.
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