2023-06-09 15:51:00
(Ecofin Agency) – Working since 2020 on its digital currency project, Bank of Mauritius, technically assisted by the IMF, is actively progressing in the implementation of its “digital rupee”. A consultation document aimed at gathering the public’s opinions on this initiative has been produced.
The Central Bank of Mauritius (Bank of Mauritius) plans to deploy its digital currency as part of a pilot phase, by November 2023. To this end, on June 2, it produced a public consultation document on the central bank digital currencies. The Central Bank invites people (individuals, businesses, banks, etc.) to share their views and opinions on the “ digital rupee by June 16 at the latest.
Among all the African central banks that are busy setting up their digital currencies, the Bank of Mauritius is the only one to have obtained technical assistance from the International Monetary Fund (IMF). The Mauritian financial institution also claims to have sought advice from peer central banks as well as international organizations, with a view to providing the public with “ a safe and convenient digital rupee ».
Recall that like the Central Bank of Mauritius, its Kenyan counterpart also published a discussion paper on central bank digital currency on June 2. But, following gathering views and opinions from a diverse class of stakeholders, the Central Bank of Kenya has decided to postpone the implementation of its digital currency for the long term.
On the African continent, several central banks are taking a cautious approach when it comes to digital currencies. While some work to assess the relevance and understand the challenges and benefits that come with this currency, others prefer to give themselves time to follow the evolution of these digital currencies.
At the end of April 2023, nearly 114 countries were exploring possibilities for setting up their central bank digital currencies. 60 countries around the world were in the pilot phase, in the advanced development phase or even in the launch phase, according to Harvesh Kumar Seegolam, governor of the central bank of Mauritius.
In a bid to make its currency attractive, the Central Bank of Mauritius has indicated that its rupee will bear no interest, and that it will be distributed at two levels to ward off possible risks to monetary policy and financial stability. .
Chamberlain Moko
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07/06/2023 – Kenya: Central Bank will not create digital currency in the short or medium term
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