Bank Of Mauritius To Launch Digital Rupee Pilot
The Bank of Mauritius is moving forward with its efforts to launch a central bank digital currency (CBDC), recently disclosing that a pilot project for the CBDC is scheduled to commence in the upcoming months.
Mauritius Governor Harvesh Seegolam announced that the country is entering the experimentation phase of its digital Rupee, with plans to move to a pilot run in the next few months. The Governor highlighted the significant progress made in the digital Rupee, noting its role in protecting monetary sovereignty and assisting central banks and regulatory authorities in combating AML/CFT.
He also highlighted the increase in the establishment of digital banks in Mauritius, with several applications for digital banking licenses in the pipeline. Most of the banks offer online banking facilities, and one bank is providing services through artificial intelligence-enabled systems. However, Seegolam cautioned against potential risks from rapid advancements in financial technology, stressing the importance of understanding their implications on economic activity, financial stability, reputation, and inflation.
(With inputs from Shikha Singh)
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