EMTECH pilots digital cash solution with Bank of Ghana
EMTECH, a Central Banking Infrastructure company, has concluded a 12-week CBDC Hackathon, serving as a strategic pilot for the Bank of Ghana. This event marks the latest technical collaboration between EMTECH and the Bank of Ghana, following the implementation of its Digital Regulatory Sandbox.
Officially announced on October 3, 2023, at the Money & DeFI Summit by the Bank of Ghana, the eCedi Hackathon stands out as a significant CBDC innovation challenge initiated by the Bank of Ghana. It highlights how a central bank can engage with the innovation, banking, and fintech ecosystems to foster collaboration and drive internal innovation.
EMTECH's Beyond Cash™ solution has been crafted as a Web3-enabled Digital Cash Infrastructure. This infrastructure not only seamlessly integrates with established payment rails but also provides a secure foundation for the development of new financial products.
Key Takeaways
As Central Bank Digital Currency (CBDC) progresses into the deployment phase for numerous central banks, there is a growing exploration of strategies to introduce a digital version of central bank money (cash) within the landscape of Fintech, Open Banking, Web3, and AI. Serving as a foundational element, EMTECH's Digital Cash Infrastructure is purposefully designed to render cash accessible, interoperable, and trustworthy in this evolving era. To effectively achieve the objectives of enhancing financial inclusion and accessibility, the advent of digital "currency infrastructures" presents a distinctive opportunity. These infrastructures can harness cutting-edge technologies such as APIs, Distributed Ledgers, Smart Contracts, and Tokenization. Such technological advancements foster the innovation of products that are inherently user-friendly, cost-effective, and expeditious for both businesses and consumers.
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