The Bank of Ghana (BOG) and the Monetary Authority of Singapore (MAS) have completed the proof of concept for the token project

The Bank of Ghana (BOG) and the Monetary Authority of Singapore (MAS) have completed the proof of concept for the Digital Economy Semi-Fungible Token (DESFT) project, according to various local press reports. The project aims to encourage trade between small, medium and micro enterprises in the two countries.

Within the project, live transactions were implemented between the two sides. To do this, they leveraged the semi-fungible Universal Trusted Credentials token protocol developed by the United Nations Development Programme, according to Singapore-based Ample FinTech, which identified itself as the developer of DESFT. The code contains verified licenses, certificates and business records.

A stablecoin pegged to the Singapore Dollar (XSGD) and BOG’s Central Bank Digital Currency (CBDC) were used for exchange within the restricted-purpose money protocol on a distributed ledger.

Source: FinTech Association of Kenya

The Monetary Authority of Singapore developed the Restricted Purpose Funds Protocol in cooperation with the International Monetary Fund and the central banks of Italy and South Korea. It includes both programmable money and programmable payment technology, and has been tested by Amazon and other international retailers.

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Bank of Ghana FinTech and Innovation Director Kwame Oppong described the project at the 3i Africa Summit in Accra. He said:

“After nearly a year and two development phases, we have formulated a reliable information exchange solution based on UTC standards and semi-fungible token technology (…) and conducted real-world trading trials that fully align with our pre-defined goals.”

Oppong continued that future development of the project will focus on supply chain finance and payments across multiple digital currencies.

Details have been scarce in the press about semi-fungible token technology. Ample FinTech said it operates under the ERC-3525 standard on top of the Ethereum blockchain.

According to an announcement of a panel discussion scheduled at the Singapore FinTech Festival in November, the semi-fungible digital economy token “combines NFTs with traditional blockchain information” that enables self-ownership tokenization through DESFT.

The e-cedi is in its experimental phase. A CBDC launch date has not been announced.

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