In a significant stride towards digital innovation, the Central Bank of Mauritania (CBM) has forged a partnership with Giesecke+Devrient (G+D), a German-based security technology firm, to conceptualize and roll out a digital rendition of the national currency. This landmark collaboration is poised to chart the course for the development and deployment of a Central Bank Digital Currency (CBDC) for the Mauritanian Ouguiya.

The overarching objective of this initiative is to meticulously delineate the prerequisites essential for the establishment of a digital Mauritanian Ouguiya, thereby laying the groundwork for a transformative leap in the economic landscape of this African nation. The endeavor seeks to unravel the potential societal and economic benefits that a CBDC could herald for Mauritania.

Per the announcement made on April 22, Giesecke+Devrient is entrusted with the task of collaborating with the CBM to elucidate the fundamental requirements for the realization of a national CBDC. Furthermore, the renowned security firm is slated to furnish the technical framework for conducting initial tests encompassing defined use cases. Notably, prior to its collaboration with the Mauritanian central bank, G+D had inked a similar pact with the Bank of Ghana to trial its CBDC initiative, known as the e-cedi.

Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania, articulated the strategic impetus driving the institution's contemplation of a digital currency issuance. He underscored the CBM's proactive stance in positioning itself for the prospective launch of a digital currency, viewing it as a pivotal avenue for expanding the nation's knowledge reservoir, expertise, and experiential insights. Dhehby expressed confidence in G+D's proficiency in navigating this innovative terrain, envisioning its catalytic role in realizing the envisioned digital currency framework for the collective benefit of Mauritania.

Wolfram Seidemann, CEO of G+D Currency Technology, extended his enthusiasm for the collaborative venture with the CBM, accentuating his firm's commitment to furnish specialized knowledge and technical prowess garnered from its extensive repertoire of CBDC projects. Seidemann underscored the transformative potential of CBDCs in fostering economic dynamism and societal advancement, underscoring their pivotal role in driving progress on both fronts.

The comprehensive evaluation of the CBDC initiative constitutes an integral facet of Mauritania's overarching national development strategy. Beyond merely supplementing conventional fiat currency systems, the CBM harbors aspirations that the envisaged CBDC will serve as a catalyst for fostering widespread prosperity, catering to the diverse socio-economic strata across the nation.