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Liberia is Working to Build CBDC with Blockchain Solutions Firm Gluwa

Liberia, a West African nation, is considering the creation of a central bank digital currency (CBDC) in partnership with Gluwa, a real-world asset platform.

Gluwa, which recently collaborated with the Bank of Nigeria (CBN) to support its CBDC project ‘eNaira,’ will aid in the research and development of Liberia’s CBDC. Tae Oh, CEO of Gluwa, held discussions with Liberia’s President, Joseph Boakai, regarding the potential implementation of a CBDC.

President Boakai described the meeting as a valuable opportunity to gain insight into the government’s dedication to fostering economic growth.

According to Gluwa’s announcement on March 15, the talks with the president also addressed Liberia’s challenges with slow internet connectivity, hindering digital inclusivity in rural areas.

On the morning of Thursday, March 14, Liberia experienced a significant internet outage lasting over 14 hours, severely impacting online transactions such as mobile money transfers and banking services.

“Gluwa has suggested implementing a satellite-based Internet Service Provider (ISP) tailored to provide affordable internet access to rural areas,” stated the company.

Gluwa emphasized the necessity for extensive compatibility between its proposed solution and Liberia’s current mobile money system for the successful integration of the CBDC initiative.

Additionally, the blockchain company’s ISP solution aims to bolster infrastructure to facilitate accessibility to the country’s CBDC solution.

Gluwa to Help Build CBDCs of Liberia, Nigeria and Ghana

Gluwa recently met with Ghana’s Vice President, Mahamudu Bawumia, to explore ways to enhance financial inclusivity in the country. CEO Tae Oh engaged in discussions regarding the ongoing development of Ghana’s Central Bank Digital Currency (CBDC), as stated by Gluwa.

Meanwhile, in Nigeria, Gluwa solidified its collaboration with the CBN by signing a Memorandum of Understanding (MoU) to become an official Partner Agent for eNaira.

Furthermore, Gluwa announced plans to directly integrate its Credal blockchain innovation into Nigeria’s CBDC. The partnership with the CBN also aims to streamline fintech lending processes, enhance transaction authentication, and implement robust user authentication mechanisms.

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