Uganda Launches Pilot for its First Digital Currency

Uganda’s journey towards modernizing its financial system has taken a significant step forward with the launch of a pilot program for its first Central Bank Digital Currency (CBDC). The initiative, undertaken in partnership with Global Settlement Network (GSN) and Uganda’s Diacente Group, aims to digitally transform over $5 billion worth of real-world assets. Their system utilizes a permissioned blockchain, where the digital Ugandan shilling is backed by treasury bonds and accessible through smartphones.