Ghana, Singapore Finalize Proof-of-Concept for Digital Economy Semi-Fungible Token Project
CryptoNewsTerminal Staff17 May, 2024
Ghana, Singapore Finalize Proof-of-Concept for Digital Economy Semi-Fungible Token Project
Ghana's Bank of Ghana and Singapore's Monetary Authority of Singapore have successfully completed a proof-of-concept (PoC) for the Digital Economy Semi-Fungible Token (DESFT) project. This project is designed to promote trade between small and medium-sized enterprises (SMEs) in both countries. The PoC involved the use of Singapore's dollar-pegged stablecoin, Project Orchid's BOG, and the Bank of Ghana's upcoming central bank digital currency (CBDC), the eCedi. The transactions took place under a purpose-bound money (PBM) protocol. This project is a significant step in the development of digital trade and is expected to simplify and speed up cross-border transactions between Ghana and Singapore. It marks an important milestone in the exploration of practical applications for DESFTs and their potential in facilitating trade and economic development.
