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The Central Bank of Madagascar is considering issuing retail central bank digital currency (CBDC). The e-Ariary project will be carried out in two phases; (i) conduct analysis, design work and experimentation, and (ii) deployment and production, the realisation of the second phase conditioned by the results of the experimental phase.

Banky Foiben'I Madagasikara (BFM) is exploring the introduction of a retail central bank digital currency (CBDC) based on a two-tier "intermediated" distribution model. The design thought process will be focused on domestic use, but keeping open the option of cross-border use later. The BFM has published a request for information and quotation (RFI/RFQ) for potential technical solutions, The deadline for submissions is September 6, 2021, with a heads up notification requested by August 25.

[September 11, 2024] eCurrency was selected by Banky Foiben'i Madagasikara (BFM) to provide consulting services for the e-Ariary central bank digital currency (CBDC) project. BFM plans to move on to a potential pilot phase of the e-Ariary project, once the preparation is successfully completed. [Read more at Consumer World Report]