Group items tagged

Giesecke+Devrient (G+D) unveiled its Convego TruSafe self hosted cryptocurrency wallet solution, which it aims to distribute via banks. It combines a mobile wallet app with a smart card that looks like a debit card and acts as cold wallet storage. If someone loses the card, it's recoverable by splitting your private key into pieces or shards. One is held on the card, one by your bank and one by G+D. If the card is lost, a new one can be ordered and authenticated and activated through the mobile app, and access to the digital assets on the lost card regained. A wallet holder must use biometrics to request a new card, which recreates the key behind the scenes. https://www.gi-de.com/en/group/press/press-releases/from-complexity-to-simplicity-g-d-provides-seamless-and-secure-self-custody-of-digital-assets

Giesecke+Devrient (G+D) has unveiled its Filia Unplugged offline payment solution that can be integrated into existing digital payment platforms, including tokenized deposit systems, instant payment systems, or mobile money services. It enables use cases such as peer-to-peer payments (P2P) or payment-to-business (P2B) payments. The solution stores monetary tokens on a hardware wallet (e.g. the SIM card of a smartphone) and requires only two wallets to operate, which can then be used without an online connection, for example via near field communication (NFC).

The Banque Centrale de Mauritanie is partnering with Giesecke+Devriant (G+D) to design and introduce a potential CBDC complementing the Ouguiya national currency. The aim of the joint project is to gain a clear understanding of how a digital Mauritanian Ouguiya could benefit society and the country's economy. G+D will support the central bank in defining the requirements for a national CBDC and deliver the technical solution for initial testing of defined uses cases.

In 2019, German banknote printer Giesecke & Devrient (G&D) unveiled its Filia distributed ledger technology-based central bank digital currency (CBDC) issuance platform. Already six of G&D's central bank clients are in negotiations about using Filia to issue CBDC. More recently, G&D led a $17 million Series A into Metaco, a Swiss startup providing crypto-asset custody services via its Silo software. Silo, is a user-interface between banks' human operators and the distributed ledgers powering the crypto-assets for which they act as custodians.

G+D Filia is intermittently offline. Payments are instantly settled offline, with occasional online reconciliation. But most importantly: funds received offline can be spent offline (consecutive offline payments). Our token format is the same online and offline, therefore the payment protocols are similar across different kinds of wallet (e.g., online wallets hosted at banks and hardware wallets). No conversion between online or offline ledger is needed. Tokens in hardware wallets are stored in tamper-resistant Secure Elements. Each wallet is equipped with a certificate, ensuring end-to-end encryption for every payment transaction. As an additional safety net, wallets keep a record of offline operations to detect counterfeiting.

The Bank of Ghana plans to test a general purpose central bank digital currency (CBDC) in partnership with German banknote printer Giesecke+Devrient (G+D). G+D is providing the technology and will adapt their Filia CBDC solution adapted to Ghana's requirements, which will be tested in a pilot with banks, payment service providers, merchants, consumers and other relevant stakeholders. Filia enables secure, consecutive offline payments in case no network connection is available.

The Central Bank of Eswatini (CBE) has partnered with Giesecke+Devrient (G+D) to research and explore the development of a central bank digital currency (CBDC). G+D's appointment stems from the completion of the 1st phase of the CBDC Diagnostic Study conducted in 2020 which found that a retail CBDC presented the strongest and direct opportunity for the adoption of a digital currency in Eswatini.

Standard Chartered and Giesecke+Devrient (G+D) completed a proof-of-concept (PoC) that tested the feasibility of conducting real-time multilateral cross-currency transfers on the Universal Digital Payments Network (UDPN), involving both distributed ledger technology (DLT) and non-DLT-based technologies. The PoC explored the indirect model, where commercial banks manage CBDC wallets and settlements directly on the UDPN, while the central bank handles wholesale settlement between commercial banks and keeps all transaction records. It also tested the direct model where central banks manage wallets and settlements within a centralized CBDC system

"Banco do Brasil is to work with German firm Giesecke+Devrient (G+D) to test offline payments as part of pilot trials of the Drex central banking digital currency (CBDC)". At this point you may be thinking that we're talking about the central bank, Banco Central do Brasil (BCB). However, Banco do Brasil is a commercial bank that purports to be part of the BCB's Drex pilot. It may be true that this offline payment test is done with the BCB's blessing, but the press release could make that clearer. https://www.bb.com.br/pbb/pagina-inicial/imprensa/n/67840/bb-e-gd-firmam-parceria-para-testar-pagamentos-offline-com-drex#/

G+D and the Official Monetary Financial Institutions Forum (OMFIF) surveyed consumers' attitudes towards central bank digital currency (CBDC) in Germany, Indonesia, Nigeria, and the United States. The survey revealed sharp differences between consumers in developed countries, where consumers already have many established digital payment options, and developing countries, where there are fewer such options. In Nigeria, 91% of respondents say they are likely to use CBDC, with 60% of consumers saying so in Indonesia. However, these figures fall to just 24% in the United States and 14% in Germany. CBDC awareness is also much higher in emerging markets.

I moderated a couple of sessions on offline central bank digital currency (CBDC) at the International Telecommunication Union (ITU) DC³ From Cryptocurrencies to CBDCs​​ Conference on January 27, 2023. The first session was on the importance of offline payments for CBDCs and financial inclusion at which cases were presented by Lars Hupel (G+D), Razvan Dragomirescu (WhisperCash), Joachim Samuelsson (Crunchfish) and Jerome Ajdenbaum (IDEMIA). The second session was a deep dive into offline CBDC implementation and risk management presented by Lauren Del Giudice (IDEMIA) and Stuart Smith (VISA). [Both sessions were recorded and are available at the ITU]

The Hong Kong Monetary Authority (HKMA) reportedly announced the six winners of its Global Fast Track CBDC competition, who will now work with the HKMA on central bank digital currency (CBDC) research projects: ARTA TechFin Corporation Limited (technology), Bank of China (Hong Kong) (use case), Giesecke+Devrient (G+D Filia) (technology), Hang Seng Bank (use case), HSBC (ecosystem) and Visa (ecosystem).

A survey conducted by Ipsos MORI on behalf of OMFIF and G+D which provides insights into consumers' attitudes towards new digital forms of payments, including CBDC, in four countries: Germany, Indonesia, Nigeria and the US. The survey findings reveal a sharp difference in attitudes towards CBDCs between consumers in developed and developing countries. In Nigeria - where a pilot CBDC project was launched in October - 91% of respondents say they are likely to use CBDCs, with 60% of consumers saying so in Indonesia. However, these figures fall to just 24% in the US and 14% in Germany. This suggests CBDCs could offer a 'leapfrog' moment in payments in emerging markets, where systems are less developed, compared to countries such as the US and Germany, where consumers have many established payment options already.

OMFIF and G+D: "Everyone should have access to convenient, secure digital payments and other financial services. CBDC has the potential to make this a reality. It is a digital version of physical cash - a ubiquitous and fully inclusive financial instrument that people can use independently from the issuer. For the 1.4bn unbanked adults globally, as well as unbanked children who form the next generation, CBDCs promote participation in the digital economy. This should also inspire developed nations to leverage offline functionality, where a bank account is not needed, and introduce a digital form of public currency that is simple, resilient and universally accepted. CBDCs could ease life for many people by offering a cheaper way for cross-border payments for migrant workers or enabling digital payments for small merchants like rural market vendors."

G+D has compiled a handy checklist of aspects that constitute a successful central bank digital currency (CBDC) exploration and implementation strategy.  It starts with finding the proper balance between pain points, motivations, and opportunities for all stakeholders in that particular ecosystem. Successful implementation could be based on an innovative use case that solves one or more pain points, or it could also offer an opportunity that was previously unavailable. Also, all ecosystem stakeholders - consumers, financial service providers, and merchants - should feel that their interests are kept in mind. Finally, CBDC should not be just a solution to a particular problem in itself, but rather, it is should also provide a platform for innovation that enables new business models.

Giesecke+Devrient's (G+D's) hybrid-deployment Filia model of a value-based CBDC solution involves existing members of the currency cycle playing a vital role in. The creation and issuance of data files that represent monetary value take place in a highly secure offline environment at the central bank, while distribution is carried out by commercial banks or other financial service providers. Payment service providers can integrate Filia into their own offerings - as part of a larger payment ecosystem - to enable new business models, and to foster growth and innovation in an open system. Filia can be utilized through smartphones, smartcards, smartwatches, and other forms of digital wallets, without the need for a bank account, the disclosure of private data, or consumer fees. It also allows for secure offline consecutive offline payments.

The Bank of Thailand (BoT) has reportedly hired German technology company Giesecke+Devrient (G+D) for a retail central bank digital currency (CBDC) proof of concept project. The BoT announced on April 2 that it had begun accepting public feedback on its retail CBDC with an end date of June 15. http://process3.gprocurement.go.th/egp2procmainWeb/jsp/procsearch.sch?servlet=gojsp&proc_id=ShowHTMLFile&processFlows=Procure&projectId=64047234808&templateType=W2&temp_Announ=A&temp_itemNo=0&seqNo=1

Visa has filed a patent application to create "digital fiat currency" on a centralized computer using blockchain technology. The computer generates digital currency for the denomination requested and links it to a serial number, and records it on a blockchain. http://appft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=/netahtml/PTO/srchnum.html&r=1&f=G&l=50&s1=20200151682.PGNR.

Ripple Labs received a patent for a smart contract that can use oracles to connect a distributed platform to a variety of different real-world data. Originally filed in June 2018, one example of a use case provided includes using the smart contracts to automatically settle options contracts when pre-agreed conditions are met, such as a company's debt-to-equity ratio hitting a certain threshold. Another example, for the oil industry, is feeding data on the density of a specific crude oil shipment to help a smart contract determine whether to make a trade. http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&f=G&l=50&d=PALL&S1=10,789,068&OS=10,789,068&RS=10,789,068

The e-cedi, which the Bank of Ghana is set to pilot, reportedly seeks to facilitate transactions without the need for power or connectivity." This is a core functionality of the Filia central bank digital currency (CBDC) platform of the Bank of Ghana's technical partner G+D.