Bank of Ghana eCedi CBDC pilot project report (BOG)

The Bank of Ghana (BOG) published the results of its recent eCedi retail central bank digital currency (CBDC) pilot project. The pilot, which used Giesecke+Devrient’s (G+D’s) Filia CBDC platform, involved individuals and merchants of diverse demographic and socioeconomic backgrounds, using mobile applications, smart cards and point-of-sale (POS) terminals for four months. Offline functionality, using smartcards and Filia Connect devices, was successfully tested in a carefully chosen off-grid location, with person-to-business (P2B) being the primary focus. Post-pilot surveys indicated a strong possibility of all participants adopting the eCedi if it were to go live. However, the BOG has no immediate plans to fully launch the eCedi, given the more pressing need to prioritize economic stabilization. [Read more at the BOG]

Transactional and network analysis of Thailand’s retail CBDC pilot (BOT)

Bank of Thailand (BOT) staff published a paper that analyzes end-to-end transaction data from the central bank’s seven-month 2023 retail CBDC pilot. The pilot’s three financial service providers (FSPs) appeared to engage in asymmetric behavior between issuance and redemption of CBDC. They generally front-loaded CBDC to absorb uncertainty of future demand and pursued an adaptive strategy to adjust the level of their CBDC reserve balance following retail transaction observed to minimize the opportunity cost of holding unremunerated CBDC. Retail users tended to use CBDC as a means of payment but not as story of value, managing their CBDC holdings to meet the demand for making payments to minimize the opportunity cost of holding CBDC. [Read more at the BOT]

Upcoming Speaking Engagements:

• Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [Find out more and register here]

And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.