The Bank of Ghana (BoG), in partnership with EMTECH Solutions, announced the opening of its regulatory and innovation sandbox in 2022. According to BoG, the sandbox will act as a supportive framework for innovators to test their ideas in small-scale, real-world settings.

Recently, EMTECH, a provider of software solutions for central banks, unveiled its Central Bank Digital Currency (CBDC) Innovation Kit, which is now open to the general public.

This innovation kit has been created especially for fintech companies and financial service providers who want to research and test brand-new fintech products and business models involving central bank digital currency.

The Bank of Ghana (BoG), in partnership with EMTECH Solutions, announced the opening of its regulatory and innovation sandbox in 2022. According to BoG, the sandbox will act as a supportive framework for innovators to test their ideas in small-scale, real-world settings.

The CBDC Innovation Kit gives fintechs a set of tools with which to start investigating the potential of a digital cash infrastructure, with over 10 trillion in paper currency in circulation and over 93% of central banks exploring and piloting CBDCs, introducing a digital version of cash. Carmelle Cadet, CEO of Emtech, said.

As its layer 1 protocol, EMTECH uses the public distributed ledger technology Hedera Hashgraph. Additionally, it uses the ERC-20 standard for its “Beyond Cash” token, which is a fictitious currency used only by fintech innovation initiatives within their respective ecosystems.

By providing developer-friendly APIs that enable integration into a “Bring Your Own App” ecosystem paradigm, the CBDC Innovation Kit makes BYDC (Beyond Cash) more accessible. It also offers users pre-built dashboards to make the testing process simpler.

Fintech businesses may easily integrate BYDC wallets into their applications thanks to the APIs, which also make it possible to retrieve wallet and transaction data from the ledger and test a variety of transaction types. This is the business’s first CBDC solution, created to help fintechs understand the potential advantages of CBDC for their operations.

The official announcement of this flagship CBDC service for fintechs fills us with immense pride. Our stance has been constant: by embracing the expanding fintech ecosystems, central banks can promote inclusivity, interoperability, and resilience by safely deploying their CBDC as a digital cash infrastructure rather than merely a software program.

From remittances to ridesharing, from payments to savings to lending and investing. Imagine if the $10 trillion or more of paper currency that is currently in circulation was issued digitally, used, and reported in real time while remaining secure. Consider the potential of fintech apps for consumers of cash. said Carmelle Cadet, founder and CEO of EMTECH.