Temtum joins forces with the Ugandan government on CBDC

18 June, 2022
  • Posted in News
Temtum, the UK-headquartered advanced technology company, is in talks with African governments, including the government of Uganda, to power Central Bank Digital Currency (CBDCs).

The deployment of the Temtum network as a CBDC within an African currency will be the first real use case of any cryptocurrency token (TEM) being used for all stages of the CBDC process where transactions and settlements are required.

When implemented, a CBDC becomes a form of legal tender of the country that is issued and monitored digitally. 90% of central banks are currently investigating or implementing CBDCs, proving that CBDCs will play a crucial role in the future of banking. This is especially the case in emerging markets where Temtum’s scalable and efficient network can close the financial inclusion gap by making banking processes more accessible.

Consumers have the opportunity to be a part of this world first by investing in the TEM token on liquid.com.

Temtum’s Temporal Blockchain is the leading global product for CBDC creation and other government-backed payment systems. Its low-cost CBDC payment system facilitates transfers between individual customers and business through non-smartphones without holding a bank account. CBDCs can therefore improve widespread access to financial services.

Temtum is a UK headquartered advanced technology business that has developed its own innovative advanced blockchain protocol and cryptography. Its ultra-fast, quantum secure, energy efficient, and highly scalable Temporal Blockchain is fully operational utilising its settlement token TEM, a sustainable payment coin.

Uganda’s Minister of Finance, Planning and Economic Development, Matia Kasaija, has conducted several engagements with the Temtum Group in Kampala about the Central Bank Digital Currency. Kasaija commented: “I had a Productive and engaging meeting with the Temtum Group on their digital currencies and CBDC technology as well as revenue tax collection and mobile money. We are impressed with Temtum’s technology.”

Richard Dennis, CEO of Temtum, commented: “In most cases, tokens are never used in real world settings. However, our token is actually used to clear CBDC transactions. The engagement we have with governments in Africa and elsewhere show the promise of blockchain and cryptography creating a new world of financial freedom.”