Last week, the Governor of the Bank of Mauritius, Harvesh Seegolam, confirmed plans to develop a retail central bank digital currency (CBDC) with a pilot planned for November this year. The central bank has achieved significant progress since setting up a sandbox in December 2022 and is considering cross-border transactions for future phases. Digitalization and financial inclusion appear to be the primary motivations.
According to Mr. Seegolam, the central bank has adopted a “prudent and cautious approach” in its CBDC exploration. Back in 2020, it approached the International Monetary Fund (IMF) to strengthen its technical capacity.
Since then, Mauritius has progressed to setting up a CBDC sandbox last December. Apart from experimenting with features and CBDC design attributes, it also carried out numerous stakeholder engagements with the private sector. Now it says a pilot phase for the digital rupee could be rolled out as soon as November.
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