Project Giant Finds its Tech Provider while the MAS Continues its Search – CBDCs Weekly

As an increasing amount of countries around the globe make the decision to develop a CBDC, partnerships with tech providers are routinely being announced.  This past week was no different with both the Nigerian and Singaporean Central Banks doing just that.

Project Giant – a Nigerian CBDC

Bitt Inc. has just been named the Technical Partner in ‘Project Giant’ – The Central Bank of Nigeria’s (CBN) very own CBDC.  The project, which kicked off in 2017, saw Bitt Inc. awarded the position based on the following traits described by the CBN.

• Technological competence
• Efficiency
• Platform security
• Interoperability implementation experience

Bitt Inc. has each of these in spades, as it has already assumed a similar role in the creation of DCash.

In a document recently procured by CoinTelegraph, the CBN outlined how its CBDC, the eNaira, would function.  The following are a few of the key features that Bitt Inc. will be working towards developing with the CBN.

• Pegged to the Naira
• Operate alongside/simultaneously with existing FIAT systems
• Implement ‘tiered’ AML/KYC

Preceding this new information, the CNB made known that it, and its tech provider, would be building this solution atop Hyperledger Fabric.

With its proposed structuring and technical partner now in place, the eNaira pilot program appears on track for its scheduled October launch.

Singaporean Shortlist

Meanwhile in East, the Monetary Authority of Singapore (MAS) has also been working towards finding its perfect partner in developing a CBDC.  The MAS has now narrowed this search to a ‘final 15’, as highlighted in a recently released document.  The following are a few noteworthy names listed.

• Bitt
• Citibank
• Consensys
• G+D
• HSBC Bank
• IBM
• IOG Singapore
• Soramitsu

There are, interestingly, quite a few contenders from around the globe.  While 6 of the 15 are based in Singapore itself, multiple come from Europe and the United States.  One in particular which stands out is G+D – a German company that recently partnered with the Bank of Ghana in the development of its CBDC.

Of those listed, 3 will be chosen, with each being awarded a cash prize for their success.  It is expected that the winners will be chosen shortly after a final pitch in mid-November.