The Central Bank of Mauritania (CBM) has partnered with the German security technology company Giesecke+Devrient (G+D) to create and launch a digital version of its national currency, the Ouguiya. This collaboration aims to explore the potential benefits and requirements of a Central Bank Digital Currency (CBDC) in Mauritania.
The goal of the agreement between CBM and G+D is to outline the prerequisites for a national CBDC and evaluate how a digital Ouguiya could impact Mauritania’s economy and society. The partnership will also focus on delivering technical solutions for initial testing and implementing specific use cases for the digital currency. Giesecke+Devrient will assist CBM in identifying the technical and operational requirements for a CBDC. The collaboration will also provide a framework for assessing how a digital currency could align with Mauritania’s national development strategy.
Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania, highlighted the significance of this project for the country’s strategic vision. He noted that the partnership with G+D allows CBM to expand its knowledge, skills, and expertise in the rapidly evolving field of digital currencies. He stated, “The Banque Centrale de Mauritanie has strategically positioned itself for the potential launch of a digital currency. Through the exploratory work we have now agreed, we are expanding our 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.”
Wolfram Seidemann, CEO of G+D Currency Technology, expressed enthusiasm about the collaboration. He noted that CBDCs are crucial for economic and social progress and that his company is thrilled to work with CBM to share its expertise from various CBDC projects worldwide. By complementing traditional fiat currency, the proposed digital currency is expected to contribute to greater prosperity and financial inclusion across different segments of the population. The successful implementation of a CBDC could set a new standard for Mauritania and inspire other African nations to explore similar digital currency projects.
