The Bank of Ghana (BoG) concluded its first central bank digital currency (CBDC) hackathon. The event involved ten teams developing eCedi solutions deployed on Hedera’s public DLT, using EMTECH’s Beyond Cash digital currency solution. KPMG participated as a service provider on a pro bono basis, establishing the competition criteria and supervising the event. The hackathon participants included developers, banks and fintechs.
The prizes were significant, with the winning team Forward Titans walking away with eCedi 500,000 ($41,500). Second and third-placed participants Nokofio and Pay Code received eCedi 300,000 ($25,000) and 200,000 ($16,600) respectively. The organizers didn’t share the winners’ use cases.
However, the ten finalists launched apps covering agriculture, government payments, business payments, taxation, securities, crowdfunding, interoperability and credit scoring.
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