Giesecke+Devrient Highlights How Ghana’s CBDC Streamlines Cross-Border Transactions

The Bank of Ghana and the Monetary Authority of Singapore have completed a successful proof of concept demonstrating that Singapore’s central bank digital currency (CBDC) can facilitate cross-border payments by bypassing many intermediaries and reducing costs. 

Giesecke+Devrient (G+D) reported that the e-cedi, Ghana’s CBDC, proved effective for international transactions between Ghana and Singapore. The trial highlighted the e-cedi’s potential to transform cross-border payments and enhance the global token economy. 

The collaboration, which involved Fidelity Bank for banking and exchange services, showcased the CBDC’s role in digitizing trade and supporting small to medium-sized enterprises.

Clever Robot News Desk 26^th July 2024