Bank of Ghana ties up with G+D as CBDCs are coming, for sure

Karthik Subramanian

Bank of Ghana, the central bank of Ghana, has tied up with the Germany-based notes and securities printing firm Giesecke+Devrient (G+D)  to use its technology for carrying out a pilot on central bank digital currency (CBDC).

This move follows very closely on the heels of the Bank of Jamaica proposing a pilot on CBDCs which was reported by us just yesterday. All these are clear signs that CBDCs are coming and it is the smaller countries that are taking the lead in this space. This does make sense as their monetary systems are much smaller than those of larger countries and are hence flexible and can be steered in any direction quickly. These countries would have to enact laws to regulate the CBDCs as well and once the piloting is done, they will likely take the next step and launch the CBDCs into the monetary system.

If this does happen, then this will act as a test for the bigger countries as they would be able to see how these countries are handling the CBDCs and can learn lessons from this which would be useful for their own CBDC launches in the long term. Bank of Ghana would be using the proprietary CBDC solution of G+D which is called Filia. It is proposed that the pilot would be carried out among banks, payment providers, and many merchants as well.

BoG governor Ernest Addison said that “From all indications, the concept has a significant role to play in the future of financial service delivery globally. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept,” he added.

Most of these countries view the CBDCs as a solution for reaching out to people in the remotest places within their country. The banks believe that it would help to bank the unbanked and bring them into the monetary system as they would be able to use the CBDCs without any bank or even a smartphone and this would be useful for delivering government services and subsidies to the people directly. What remains to be seen is how this would be integrated into the overall monetary system and what impact it would have on the economy as this would mean that fiat and the CBDCs would have to co-exist side by side.

This is a shot in the arm for G+D which has been investing heavily in the blockchain and digital currency space over the last year or so, especially on its CBDC solution Filia and it has been reported that it has been negotiating with many central banks for launching their CBDCs while other contenders like Ripple and Ethereum do not seem to have made much progress in this aspect.

Read this next

Digital Assets

Valkyrie pulls back on Ether futures merge with Bitcoin ETF

Valkyrie Funds LLC will suspend the purchase of Ether (ETH) futures contracts for its Valkyrie Bitcoin and Ether Strategy ETF (BTF.O). Additionally, the firm will unwind any positions in Ethereum that it has already acquired.  

Digital Assets

Hong Kong police arrest 18 in $1.5B billion JPEX fraud

The investigation into the JPEX crypto exchange scandal continues to unfold as Hong Kong and Macau police arrest four more individuals. These arrests, which include individuals considered “relatively close to the core” of the scandal, bring the total number of detentions to 18.

Digital Assets

Gemini tells Dutch users to withdraw assets by November 17

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced that it will cease providing services to customers in the Netherlands, citing regulatory requirements imposed by the country’s central bank.

Digital Assets

SEC puts BlackRock, Valkyrie, and Bitwise Bitcoin ETFs on hold

The U.S. Securities and Exchange Commission has delayed its decisions on several bitcoin exchange-traded fund (ETF) proposals, leaving many in the crypto industry feeling pessimistic for any future blessing from the agency.

Digital Assets

Ripple backs out of Fortress Trust acquisition

Ripple has decided to cancel its planned acquisition of Fortress Trust, a custodian company, less than a month after initially announcing the agreement.


France regulators blacklists 21 FX brokers, FuturBTC

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF), today shed light on several unregulated forex brokers representing their offering under several brands. Notably, the AMF has identified only one crypto-assets provider in its latest warning.  

Digital Assets

Flare and Arkham Collaborate for Enhanced Decentralized Data Access

Flare’s blockchain for decentralized data acquisition integrates with Arkham’s Intelligence Platform, offering users advanced analytics and actionable on-chain insights.

Industry News

iFX EXPO International 2023 Successfully Concludes

The most talked about financial event of the year took place in Limassol, Cyprus.

Retail FX

Plus500 Forex Garners Market Attention In The Latest Expert Ranking

Securing the 58th spot in Traders Union’s Best Forex Brokers of 2023 ranking, Plus500, despite its cautionary overall score of 6.3 out of 10, stands out for its stringent regulatory compliance, user-centric WebTrader platform, and a commendable focus on account security, though it lags in providing advanced trading tools and trust management features.