Mauritania ready to issue its CBDC, but the project may not include the blockchain

The Central Bank of Mauritania has entered into a partnership with Giesecke+Devrient (G+D) to explore together the development of the CBDC. While on one hand the idea is the digital transformation of the West African country, on the other hand it is not clear if the project will include blockchain technology. 

Mauritania’s new CBDC with G+D: the project may not include blockchain

Yesterday, the security company Giesecke+Devrient (G+D) and the Banque Centrale de Mauritanie have formed a new partnership to explore together the development of a new CBDC. 

“We are collaborating with the Central Bank of Mauritania to design and introduce a potential #CBDC complementary to the national currency Ouguiya. The goal: accelerate digital transformation and promote the financial inclusion of the population”

The new Central Bank Digital Currency should become a digital form of the national currency of Mauritania: Ouguiya. However, at the moment, it is not clear if blockchain technology will be involved in the project.

Anyway, the stated common goal would be to further advance the digital transformation of the West African country and promote financial inclusion of the population.

Indeed, with this exploration, G+D and the Central Bank of Mauritania will clearly understand how a digital Mauritanian Ouguiya could bring benefits to the society and economy of the country.

Mauritania and the partnership with G+D for the launch of the new CBDC: no one mentions the blockchain

The new CBDC of Mauritania will be complementary to cash. In this regard, Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania, commented as follows:

“The Central Bank of Mauritania has strategically positioned itself for the potential launch of a digital currency. Through the exploratory work we have agreed upon, we are expanding our knowledge, skills, and experiences. G+D’s expertise in this innovative and rapidly developing sector will help us bring it to life for the benefit of the entire country.”

At the same time, Wolfram Seidemann, CEO of G+D Currency Technology, also commented as follows: 

“The digital Ouguiya is part of the country’s digital transformation agenda and is crucial for economic and social progress. Thanks to our fifty years of commercial relations, we are even more honored to be able to support the Mauritanian central bank in this context, providing the knowledge and specialized skills derived from our numerous CBDC projects.”

In both cases, no one talks about the technology that will be considered as the basis of the new CBDC. In fact, looking at the Giesecke+Devrient website, it seems that their proposed solution is the CBDC retail G+D Filia®.

The latest news in the world about Central Bank Digital Currency

While in the country of Mauritania it seems that the new G+D solution for issuing a new CBDC is in the testing and exploration phase, let’s see the latest news from other countries. 

For example, recently the Governor of the Central Bank of Russia, Elvira Nabiullina, stated that the mass use of the digital ruble, Russia’s CBDC, could take another five to seven years. In fact, after the pilot project experiment, work on Russia’s CBDC could begin as early as next year.

As for the USA, however, the discussion on CBDC is being questioned by Republicans who have presented a bill called “The CBDC Anti-Surveillance State Act” last February. The goal is to ban CBDCs in the USA.

This bill proposal aims to block the issuance of the CBDC in the United States, with the argument that the digital dollar could interfere with personal privacy. 

On the contrary, the Central Bank of Spain (Banco de España) has started experimenting with the Country’s Central Bank Digital Currency at the beginning of 2024, involving three of its blockchain partners Cecabank, Abanca, and Adhara.