Giesecke+Devrient (G+D) Partners with Banque Centrale de Mauritanie to Explore Digital Currency Development
During the Spring Meetings of the International Monetary Fund and the World Bank Group, Giesecke+Devrient (G+D) and Banque Centrale de Mauritanie have inked a strategic agreement to delve into the creation of a digital version of the national currency Ouguiya.
The collaboration aims to propel the digital revolution in Mauritania and foster financial inclusivity across the populace.
G+D, in collaboration with the Central Bank of Mauritania, is set to craft a potential Central Bank Digital Currency (CBDC) to complement traditional cash transactions.
The signing of the agreement between Governor Mohamed Lemine Ould Dhehby of Banque Centrale de Mauritanie and Dr. Wolfram Seidemann, CEO of G+D Currency Technology, in Washington during the Spring Meetings marks the initiation of this groundbreaking project.
The primary objective is to ascertain the societal and economic advantages of introducing a digital Mauritanian Ouguiya. G+D will provide technical expertise to define the CBDC requirements and implement the initial testing phase for specified use cases. This initiative places the central bank among a cohort of global counterparts exploring the potential of digital national currencies.
The exploration of a Central Bank Digital Currency aligns with Mauritania’s national development strategy, which aims to bolster the country’s digital evolution.
The Ministry of Digital Transformation, Innovation, and Modernization of the Public Sector (MTNIMA) is driving an agenda to leverage digital technologies for economic advancement. The CBDC is envisioned to enhance prosperity for all citizens, fortify macroeconomic stability, and sustain Mauritania’s economic growth trajectory.
Governor Mohamed Lemine Ould Dhehby highlights the strategic positioning of Banque Centrale de Mauritanie for the prospective digital currency launch, emphasizing the expansion of knowledge and capabilities through the agreed exploratory work. G+D’s extensive experience in this dynamic field is expected to breathe life into the digital Ouguiya, fostering progress across the entire nation.
Wolfram Seidemann, CEO of G+D Currency Technology, underscores the significance of the digital Ouguiya within Mauritania’s broader digital transformation agenda, emphasizing its pivotal role in economic and social advancement.
With a longstanding business relationship spanning five decades, G+D is honored to lend its expertise to the Mauritanian central bank, drawing from a wealth of knowledge gained through numerous CBDC projects.
