The Bank of Ghana and the Monetary Authority of Singapore have worked together on a project called the Digital Economy Semi-Fungible Token (DESFT) to make trading easier between small and medium businesses in Ghana and Singapore.
As part of the project, the two sides did live transactions using their digital tokens. This token followed standards set by the United Nations and contained verified business documents like licenses, certificates, and trade records.
To make the payments, they used a Singapore dollar stablecoin and Ghana’s new digital currency called the e-cedi. The payments happened on a decentralized network using a system called Purpose Bound Money protocol. This protocol was made by Singapore in partnership with the IMF and the central banks of Italy and South Korea. Big companies like Amazon have tested it.
A Bank of Ghana director named Kwame Oppong explained that after about a year of work, they created a reliable way to safely exchange verified business information using these semi-fungible tokens. He said they did real trade experiments that achieved their goals.
Oppong further mentioned future plans to use this for supply chain financing and payments across different digital currencies. The tokens use blockchain technology following the ERC-3525 standard on Ethereum. The goal is to combine traditional records with NFT-like digital ownership using these semi-fungible tokens.
Ghana’s e-cedi digital currency is still in a pilot testing phase with no official public launch date announced yet.
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