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The Bank of Ghana (BoG) and the Monetary Authority of Singapore (MAS) have finalized the Digital Economy Semi-Fungible Token (DESFT) pilot initiative, which seeks to enhance trading among SMEs utilizing central bank digital currency (CBDC) and stablecoins.
The Bank of Ghana (BoG) announced the successful conclusion of the Digital Economy Semi-Fungible Token (DESFT), a pilot initiative in partnership with the Monetary Authority of Singapore (MAS). This effort aims to facilitate trade between micro, small, and medium enterprises (MSMEs) in both nations.
The project executed live transactions utilizing the Universal Trusted Credentials SFT protocol, which was developed by Ample FinTech under the auspices of the United Nations Development Program (UNDP). Additionally, the DLT protocol Purpose Bound Money (PBM), created by the MAS in conjunction with the International Monetary Fund and the central banks of Italy and South Korea, was employed for these transactions. The stablecoin xSGD, which is pegged to the Singapore dollar, along with Ghana’s CBDC eCedi, were utilized in the transactions.
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Kwame Oppong, Director of the FinTech and Innovation Office at the BoG, stated that the primary aim of the DESFT project is to assist MSMEs in Africa by allowing small enterprises to engage in cross-border trade. He emphasized that the project established a strong information exchange solution founded on UTC standards and semi-fungible token technology.
Oppong further mentioned that during the initial phase of the pilot project, a DLT system based on SFTs was created to facilitate the verification of participant credentials, including licenses, certificates, and trade documentation. In the subsequent phase, the first cross-border transactions were executed, and the ongoing development of the project will concentrate on supply chain finance and payments involving various digital currencies.
In 2023, the MAS formulated a regulatory framework for stablecoins. In 2024, it plans to initiate several projects to further investigate opportunities for tokenized assets.
Сообщение Ghana Tests SFT System for Trading with Singapore появились сначала на CoinsPaid Media.
