Central Bank of Mauritania partners Giesecke+Devrient for CBDC exploration
The Central Bank of Mauritania (Banque Centrale de Mauritanie) has announced a joint project with German security technology group Giesecke+Devrient (G+D) to explore the development of a central bank digital currency (CBDC), labelled ‘Ouguiya’.
The Governor of the Banque Centrale de Mauritanie, Mohamed Lemine Ould Dhehby (left) and Dr Wolfram Seidemann, CEO of G+D Currency Technology. Image source: G+D
As part of the nation’s digital transformation strategy, the project seeks to ascertain the potential benefits of introducing a digital Mauritanian Ouguiya, with a specific focus on how to promote financial participation in the West African country.
G+D, which is part of Mastercard’s CBDC Partner Programme, will assist the bank in outlining the requirements for a digital currency and supply the technical support for the initial testing of specific use cases.
Mohamed Lemine Ould Dhehby, governor of the Central Bank of Mauritania, states that the exploratory project will help expand the bank’s “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,” adds the governor.
The Munich-headquartered firm asserts that the proposed CBDC will contribute to “greater prosperity for all sections of the population, consolidate macroeconomic stability and improve the sustainability of Mauritania’s economic growth”.
CBDC development is a key aspect of many nations’ digital transformation strategies, just last week the Reserve Bank of New Zealand launched a public consultation regarding the potential introduction of a digital currency.
