Global CBDC adoption is on the horizon – Giesecke + Devrient

finextra.com:

Central banks in Ghana and Eswatini have made progress from introducing CBDCs to their countries, and have seen benefits emerge. CBDC usage has proved cost-efficient, convenient, and more secure than other digital payment methods. With the intention of prompting more of the 1.4 billion unbanked population engage in the digital economy, these initiatives have seen key developments and could pave the way for new markets and networks in the global digital payments sector.

Speaking to Finextra on the progress seen on the CBDC front in both Ghana and Eswatini is CEO at Giesecke + Devrient Currency Technology (G+D), Wolfram Seidemann.

The central banks of Ghana and Eswatini have committed to launching CBDCs in their countries, moving on from research to integration of the currency into their national economy.

On G+D’s collaboration with Ghana and Eswatini, Seidemann says that the CBDC pilot with the Bank of Ghana proved a successful integration of financial intermediaries that facilitated seamless interoperability and enhanced user experience capabilities. Ghana now intends to launch further plans to expand CBDC usage using key learnings from the pilot.

Commenting on G+D’s work with Eswatini’s research into CBDC, Seidemann states: “The appointment stems from the completion of the first phase of the CBDC Diagnostic Study conducted in 2020, which revealed that a retail CBDC presented the best opportunity for the adoption of a digital currency in Eswatini. The central bank can use insights from the project to understand how a CBDC can provide additional benefits and ensure continued access to central bank money, contributing to the development of its resilient payment system. Just recently, it published its initial Digital