CBDC: Digital cash for everyone, anywhere, anytime

Everyone should have access to convenient and secure digital payments. It should be a given that they are inclusive and resilient. Central bank digital currencies (CBDCs) provide a public way to pay and store money digitally. We are here to build your national CBDC solution – one that supports all players in the payment industry.

As digital forms of payment continue to grow in number and popularity, we believe that there is a need for a government-backed digital currency that is safe, secure, and trusted. A retail CBDC is a digital version of physical cash. Issued by a central bank, it is pegged to a local currency and made available to everyone, everywhere. It has the same characteristics as cash – plus the added benefit of being digital. That means it can be used for payments in stores and online, and can be easily sent to friends and family. But beyond that – and equally important – CBDC fosters digital financial inclusion and serves as a bedrock for further innovation. We concluded that there is no existing technological solution that meets the fundamental core requirements of a CBDC. This is why G+D developed its own unique and innovative retail CBDC solution G+D Filia®.

Fundamental core requirements of a CBDC

Anonymous yet transparent

In order to be widely accepted by users and to prevent illegal payment activity, CBDC must balance anonymity with transparency. Mechanisms that prevent untaxed economies and financial crime in the physical world – none of which reduce the value of cash or restrict citizens’ freedom to make transactions – must be transferred into the digital world. And, unlike current digital payments, CBDC would not involve disclosing personal data to third parties.

Inclusive, universally accepted, and accessible

As legal tender, CBDC must be accepted by all merchants and enterprises within a country. At the same time, individuals must be able to access it without needing expensive or complicated devices. Payments must always be possible – even offline or without power supply. These are the key factors required to build trust and acceptance of CBDC among the general public.

Maximum security

Certain critical infrastructures, such as public payment, are of such vital importance to societal structure and the national economy that their failure would result in significant disruption to public security. Protecting CBDC from cyberattacks and other threats is just as important as upholding banknote security.

Our offering to make CBDC a reality

Developing a CBDC solution is a complex undertaking, and securely implementing it even more so. Our deep understanding of financial systems combined with expertise in building highly secure digital infrastructures and digital payment know-how provides a sound basis for creating a secure CBDC solution.

CBDC implementation

G+D provides comprehensive know-how to ensure that CBDCs are securely and successfully designed and implemented. Our offering ranges from CBDC consultancy services to full-fledged implementations.

CBDC Simulation

Accurate modeling helps you to understand the implications of launching a CBDC as a means of payment in a national system. With the CBDC Simulation, you can evaluate the existing payment landscape and simulate the economic, liquidity, and financial-stability effects of CBDC.

Download reports

Financial inclusion across borders with retail CBDC

Number and value of non-commercial remittances across borders is growing as more and more migrant workers send money to friends and family back home. Cross-border payments suffer from a long list of inefficiencies and come with high fees. Cross-border retail CBDCs could positively impact this situation, making the process for sending money home quicker, cheaper, and more secure.

Consumer attitudes to CBDC

The report includes a survey conducted by Ipsos MORI on behalf of OMFIF and G+D which provides an invaluable insight into consumers’ attitudes towards a legal digital means of payment. It was conducted in four countries – Germany, Indonesia, Nigeria, and the US – with over 3,000 respondents. Findings help offer a map for policy-makers as they consider design of retail central bank digital currencies.

Proof points of our expertise

Dr. Ernest K.Y. Addision, Governor of Bank of Ghana and Dr. Wolfram Seidemann, CEO of the Giesecke+Devrient Currency Technology business sector, signed an agreement to implement a pilot CBDC in Afrika

Bank of Ghana partners with G+D on eCedi

The Bank of Ghana is partnering with G+D to pilot a retail CBDC in Ghana, West Africa. G+D is providing the technology and developing the CBDC solution adapted to Ghana’s requirements, which will be trialed with banks, payment service providers, merchants, consumers, and other stakeholders.

Designing the eCedi with the Bank of Ghana

In partnership with G+D, the Bank of Ghana is developing an eCedi pilot project. The design paper reveals the special features of Ghana’s CBDC solution like offline payments, seamless interoperability with existing payment systems, and instruments that Ghanaians are familiar with.

G+D selected for LIFT Challenge implementation

The planning for Brazil’s central bank digital currency, the Real Digital, is entering a new phase. The Banco Central do Brasil has selected Giesecke+Devrient’s CBDC solution Filia® for its dual offline payment capability in a challenge that evaluates use cases of a digital currency in the South American country.

G+D wins Best Technology Award in Global Fast Track competition

G+D has been named the winner of the Best Technology Award in the Hong Kong Monetary Authority's Global Fast Track CBDC 2022 competition. Through this initiative, Hong Kong's central bank honors innovative technology solutions for central bank digital currencies (CBDC).

Central Bank of Eswatini partners with G+D to explore a CBDC

The Central Bank of Eswatini will partner with with international technology group G+D to research and explore the development of a central bank digital currency (CBDC) – an electronic form of money for the Kingdom of Eswatini. 

G+D technology used in Bank of Thailand CBDC Pilot

The Bank of Thailand has been among the first central banks to recognize the importance of CBDC as a novel financial infrastructure, with the potential to increase opportunities for businesses and the general public to have more convenient and greater access to diverse financial services.

G+D wins Global CBDC Challenge

The Monetary Authority of Singapore (MAS) has declared Giesecke+Devrient (G+D) as one of the three winners of the Global Central Bank Digital Currency Challenge (Global CBDC Challenge). The judges awarded G+D’s solution Filia® for being a means of payment that can be universally used and is truly inclusive, enabling participation in the digital economy even without a smartphone or a bank account. The announcement took place at the Singapore FinTech Festival.

 
Global CBDC Challenge presentation of G+D Filia® at the Singapore FinTech Festival 2021

More insights into CBDC

Curious about digital cash?

Developing a new form of digital fiat currency is as exciting as it is challenging. Many aspects need to be considered to turn this vision into reality.

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