Revolutionary Move: Mauritius Set to Unveil Pilot Project for Digital Rupee in Retail Sector by Year End

"Central Bank Governor Seegolam Prioritizes CBDC Development in Address to IMF/World Bank Tech Community"

The Governor of the Central Bank of Mauritius, Harvesh Seegolam, has revealed that he prioritized the development of Central Bank Digital Currency (CBDC) when he assumed office in 2020. Seegolam made this disclosure while speaking at the International Monetary Fund/World Bank Community of Central Bank Technologists meeting held on the main island.

Seegolam’s disclosure is coming on the heels of the Central Bank of Mauritius’ recent announcement that it would be launching its own CBDC by the end of 2021. According to Seegolam, the development of a CBDC is necessary to improve the efficiency and security of financial transactions in the country.

The Governor of the Central Bank of Mauritius also highlighted the need for collaboration among central banks to ensure that CBDCs are interoperable. This would enable seamless cross-border transactions and promote financial inclusion.

Seegolam’s call for collaboration is in line with the recent trend of central banks exploring the possibility of CBDCs. Several central banks, including the People’s Bank of China and the European Central Bank, are currently developing their own CBDCs.

However, the development of CBDCs has raised concerns among some experts who fear that it could lead to a loss of privacy and increased government surveillance. To address these concerns, Seegolam emphasized the need for a robust regulatory framework that would protect users’ privacy while ensuring the security and stability of the financial system.

The Central Bank of Mauritius has already taken steps to address these concerns by partnering with the Mauritius Revenue Authority to develop a secure digital identity system. This system would enable users to authenticate their identity without revealing sensitive personal information.

In conclusion, Seegolam’s disclosure underscores the growing importance of CBDCs in the global financial system. As more central banks explore the possibility of CBDCs, it is crucial that they collaborate to ensure that these digital currencies are interoperable and that users’ privacy is protected.

Martin Reid

Martin Reid

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