German security technology group Giesecke Devrient (G D) is partnering with the Central Bank of Mauritania to explore the design and development of the central bank’s digital currency (CBDC) called “digital Ouguiya.”
The partners signed the agreement during the World Bank Group ‘s spring meetings, held this month in Washington, DC. Wolfram Seidemann, CEO of G D Currency Technology, and Mohamed Lemine Ould Dhehby, governor of the Banque Centrale de Mauritanie, signed the cooperation agreement to study the feasibility of creating a CBDC.
The cooperation focuses mainly on the potential benefits that a digital Mauritanian Ouguiya could bring to the country’s economy and society. The governor noted that the central bank is “strategically positioned” for the potential launch of its digital currency.
“With the discovery work now agreed upon, we are expanding our knowledge base, skills and experience. G D’s experience in this innovative, fast-growing field will help us revitalize it for the benefit of the entire country.
The role of G D in the development of CBDCs
According to a company release on Tuesday, G D will offer a technical solution for pre-testing CBDC use cases. In addition, it would help the central bank determine the requirements for the digital Ouguiya.
“Digital Ouguiya is part of the digital transformation program for the entire country,” – Seidemann said in a statement. “It is crucial for economic and social progress.”
G D has conducted studies on CBDC adoption in several jurisdictions, including Brazil, Ghana and Eswatini. For example, G D’s pilot CBDC program with the Bank of Ghana has demonstrated successful integration of financial intermediaries. This has facilitated seamless interoperability and enhanced user capabilities.
According to Seidemann, G D is providing expertise in public currency technology, cryptology, smart cards, and digital and mobile payments to central banks researching and implementing CBDCs. One solution, G D Filia, supports central banks in conducting CBDCs at the national level.
As for Mauritania, CBDC evaluation is important for consolidating macroeconomic stability and improving the sustainability of Mauritania’s economic growth.
