The Bank of Ghana (BoG) and the Monetary Authority of Singapore (MAS) have completed the first Proof-of-Concept (PoC) for the Digital Economy Semi-fungible Token (DESFT) project.
This initiative aims to revolutionise international trade by introducing faster, more secure transactions through digital credentials.
The DESFTs promise lower costs and reduced fraud risks, leveraging technologies like Universal Trusted Credentials (UTCs) and Central Bank Digital Currency (CBDC).
Ghana's eCedi, a Crypto-Based Digital Currency, played a pivotal role in the transactions, highlighting its interoperability with global payment systems.
The project's success marks a significant milestone in enhancing the efficiency and reliability of global trade operations.