The Bank of Mauritius will roll out a pilot project for a central bank digital currency (CBDC) by the end of 2021, according to Harvesh Seegolam at the Consensus conference.
According to him, the authorities are consulting the IMF on the matter. They are finalising the documentation and will publish their initiatives in the near future.
“CBDCs will be here to complement and fill the gaps that the traditional financial system cannot fill,” said Seegolam.
He added that, in studying digital currencies, financial inclusion is the priority. The central issue in the discussions is compliance, security, and privacy.
The head of the Bank of Mauritius also doubted that CBDCs would replace cash. In his view, they are more likely to complement the monetary system.
Earlier, the South African Reserve Bank said it planned to test the national digital currency in retail payments.
In late May 2021, Indonesia announced that will launch the CBDC to accelerate transactions.
As noted, Fed Governor Lael Brainard said that the agency is expanding its work with central bank digital currencies, with particular emphasis on financial and geographic integration.
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