The Central Bank of Mauritania (CBM) has partnered with Giesecke+Devrient (G+D) to develop and launch a digital version of the national currency. The Germany-based security technology firm is expected to assist the CBM in outlining the prerequisites for a national Central Bank Digital Currency ( CBDC).
Mauritania Central Bank Partners With Giesecke+Devrient to Develop a National CBDC
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Outlining Prerequisites for a Central Bank Digital Currency
The Central Bank of Mauritania (CBM) has signed an agreement with security technology company Giesecke+Devrient to develop and launch a digital version of the national currency, the Ouguiya. The goal of this project is to gain a clear understanding of how a digital Mauritanian Ouguiya, or a central bank digital currency ( CBDC), could benefit society and the economy of this African country.
According to a statement released on April 22, G+D, which is based in Germany, is expected to support the CBM in defining the requirements for a national CBDC. The security firm is also expected to deliver the technical solution for the initial testing of defined use cases. Before agreeing to partner with the Mauritanian central bank, Giesecke+Devrient entered into a similar agreement with the Ghanaian central bank to test its CBDC, known as the e-cedi.
Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania, is quoted in the statement explaining why the Mauritanian central bank is considering issuing a digital currency. He said:
The Banque Centrale de Mauritanie has strategically positioned itself for the potential launch of a 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.
Wolfram Seidemann, CEO of G+D Currency Technology, said his firm is delighted to work with the CBM by providing specialist knowledge and expertise from its many CBDC projects. Seidemann also stated that the CBDC is critically important for economic and social progress.
As explained in the statement, the evaluation of the CBDC is a crucial part of the African country’s national development strategy. In addition to complementing fiat cash, the CBM hopes that such a CBDC will contribute to greater prosperity for all population segments.
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