Liberia is Working to Build CBDC with Blockchain Solutions Firm Gluwa

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Share

Copied

Last updated: 

March 18, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

West African nation Liberia is mulling to create central bank digital currency (CBDC) in collaboration with real-world asset platform Gluwa.

Gluwa, which recently partnered with Bank of Nigeria (CBN) to help drive its CBDC ‘eNaira,’ will be assisting in the research and development of Liberia’s CBDC. Tae Oh, Gluwa’s CEO, met the President of Liberia, Joseph Boakai, to discuss the possibility of building a CBDC.

The meeting serves as humbling opportunities to learn more about the government’s commitment to economic growth, Boakai noted.

Per Gluwa’s announcement on March 15, the discussion with the country’s president addressed the country’s slow internet connectivity. This has been a barrier to the country’s digital inclusivity in rural areas.

On early Thursday, March 14, there was a major internet disruption in Liberia. The situation, which lasted for over 14 hours, crippled online transactions including mobile money transfers and banking services.

“Gluwa proposed the introduction of satellite-based Internet Service Provider (ISP) specifically designed to extend low-cost internet connectivity to rural areas.”

Gluwa and Liberia’s CBDC initiative “would require extensive compatibility with Liberia’s existing mobile money system,” the company added.

The blockchain firm’s ISP solution also aims to aid in the infrastructure to support accessibility of the country’s CBDC solution.

Gluwa to Help Build CBDCs of Liberia, Nigeria and Ghana

Gluwa recently also visited Ghanain VP, Mahamudu Bawumia, to discuss improving financial inclusivity within the country. CEO Tae Oh had the opportunity to discuss the ongoing development of Ghana’s Central Bank Digital Currency (CBDC), Gluwa wrote.

In Nigeria, Gluwa signed a Memorandum of Understanding (MoU) with the CBN to officially onboard as a Partner Agent for eNaira.

Additionally, Gluwa announced that it would integrate its Credal blockchain innovation directly into Nigeria’s CBDC. Furthermore, the partnership between Gluwa and the CBN also focus on simplifying fintech lending, authenticating transactions and implementing robust user authentication mechanism.