With several central banks around the world, Giesecke+Devrient (G+D) already collaborates closely. This holds true for the topic of Central Bank Digital Currencies , a type of Cryptocurrency , as well as for the printing of CBDC (Central Bank Digital Currencies). G+D has its own solution for countries that want to issue a CBDC, and it also offers other services like advice and help to make sure the Cryptocurrency meets the requirements. In addition, a large number of people use digital services and shop online as our lives grow more interconnected. Therefore, a digital form of fiat money is required, one that satisfies customer demand for quick and simple transactions. That's CBDC. Dr. Ralf Wintergerst , Chairman of the Management Board and Group CEO of Giesecke+Devrient and chair of the North Africa Middle East Initiative of German Business (NMI), said in an exclusive interview with Local news media that an increasing number of states are looking into the implementation of ...
With several central banks around the world, Giesecke+Devrient (G+D) already collaborates closely. This holds true for the topic of Central Bank Digital Currencies, a type of Cryptocurrency, as well as for the printing of CBDC (Central Bank Digital Currencies).
G+D has its own solution for countries that want to issue a CBDC, and it also offers other services like advice and help to make sure the Cryptocurrency meets the requirements.
In addition, a large number of people use digital services and shop online as our lives grow more interconnected. Therefore, a digital form of fiat money is required, one that satisfies customer demand for quick and simple transactions. That's CBDC.
Dr. Ralf Wintergerst, Chairman of the Management Board and Group CEO of Giesecke+Devrient and chair of the North Africa Middle East Initiative of German Business (NMI), said in an exclusive interview with Local news media that an increasing number of states are looking into the implementation of a CBDC. G+D is one of the most important participants in the developing ecosystem, working on paid projects, such as in Ghana, and taking first place in a number of international CBDC competitions.
"G+D already has close working relationships with numerous central banks throughout the world today. This also applies to CBDC as a subject. To ensure that the Cryptocurrency complies with the standards, we also provide countries that seek the issuing of a CBDC with extra services, including consultation and support. Education and training are also included in this all-encompassing strategy.
I was curious to learn more about the company's commitment in the Gulf region in addition to the subject of CBDC and G+D's involvement in this area: Ralf Wintergerst claims that "the UAE is an important centre in the region between Africa and Asia." For more than 20 years, G+D has operated in Dubai. As our customer hub for the entire region and beyond, it serves as one of the company's most crucial locations today, handling tasks including sales, project management, services, and logistics. This robust presence demonstrates our dedication to the area and our desire to keep expanding. We want to strengthen and extend our tight collaboration in the future.
Additionally, the Gulf region continues to be a crucial market and business partner for small and medium-sized enterprises (SMEs), including G+D and other significant German technology suppliers.
Wintergerst reaffirmed that security and trust are without a doubt the most important qualities for Central Bank Digital Currency, emphasising data protection, security, and confidentiality (CBDC). They have little chance of being accepted by the general public without these qualities.
We must presume that fraudsters or hackers will frequently target CBDCs. To be truly secure, digital currencies issued by central banks must follow the most stringent security protocols.This begins with the creation and issuance of the digital money by the central bank and continues through distribution and storage.
Additionally, privacy concerns are crucial. In order to stop money laundering or tax evasion, a CBDC should permit anonymity up to a certain point, similar to how it is with cash, while still adhering to the central bank's compliance standards.
In response to a query regarding third-party certification, he said, "It is too early to say for sure. CBDC is a platform that depends on the design choices made by a central bank rather than a particular product or piece of technology. Although the establishment of worldwide standards may take some time, certification will become more and more crucial.
Even yet, some of the technology that might be employed frequently depends upon third-party certification to guarantee a recognised and established level of security.
Ralf Wintergerst responded to the question of whether the creation of a digital version of a currency would endanger G+D's core business of managing cash and cash flow by saying, "We regard digitalisation as a tremendous opportunity for new business development and growth for G+D, so it is part of our strategy to grow and invest in our core business while developing more and more digital business around our four playing fields: payment, connectivity, identities, and payments.
The physical SIM was created by us about 30 years ago. Although it is still in use, (embedded SIM technology) is taking its place to save valuable space in smartphones. We pioneered the SIM technology, and a few years ago, we did the same with the eSIM technology. In this brand-new, wholly digital world, we now also have dominant market positions. The same holds true when we provide central banks with a digital equivalent of cash as a complement to physical currency.