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Harvesh Kumar Seegolam, Bank of Mauritius Governor has announced that the country will start the pilot phase for its CBDC by November 2023. Also referred to as the digital rupee, the CBDC has all its requirements set in place according to the Governor.
Seegolam announced this while addressing the audience at the International Monetary Fund/World Bank Community of Central Bank technologists meeting.
“As a central banker, I need not stress upon the determining role that CBDCs can play, not only in protecting monetary sovereignty but also in assisting central banks and regulatory authorities on the front of AML/CFT,” Seegolam commented.
In 2021, Mauritius announced its intention of exploring a CBDC, however, Seegolam highlighted the challenges it poses to central bankers which include: security, compliance, and privacy.
The Governor noted that the IMF has contributed to the country’s digital rupee progress in terms of consultation, the creation of feasibility reports, and technical support.
According to Seegolam, the digital Rupee should b made readily available and intermediated so that Mauritius commercial banks can be totally involved in the country’s CBDC journey.
The Bank of Mauritius central bank has partnered with unnamed bodies for a sandbox to tailor the country’s digital currency to its citizen’s needs.
Since 2019, Mauritius has been on blockchain technology use cases, including digital asset custody licensing regulation and security token offerings
Seegolam has hinted that the digital Rupee will be interest-free.
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