Bank Of Mauritius Stepping Closer To Central Bank Digital Currency, Governor Confirms

The governor of the Bank of Mauritius recently confirmed that the bank is planning to issue a retail-focused Central Bank Digital Currency, similar to USDT.

While speaking at the Consensus Virtual Conference, governor of Bank of Mauritius, Harvesh Seegolam mentioned that the Republic of Mauritius would be initiating a trial in the imminent future.

He mentioned,

“At the level of the Bank of Mauritius, we’re currently working on a project and very shortly we’ll be making announcements. with respect to a potential introduction of a CBDC.”

His comments establish the correctness of the speculations about the island’s investigation into the issuance of a central bank digital currency. The development was first divulged last November by former governor Yandraduth Googoolye.

Seegolam mentioned any central bank digital currency would have to be disseminated through the conventional banking system. This condition is applicable even if the central bank issues the real currency in order to dodge the peril of undermining the island’s financial system.

It is to be noted that the Marshall Islands has been working to advance its own central bank digital currency for quite some time. The authorities have started working on the project in 2018. Lately, they selected Algorand blockchain as the cardinal blockchain infrastructure for the much-anticipated token.