2 June 2023
The Bank of Mauritius (Bank) has today released a public consultation paper on the issuance of a Central Bank Digital Currency (CBDC), the Digital Rupee.
The Bank intends to provide the public with a Digital Rupee that is safe and convenient to use in everyday life. In that regard, since inception of the project in 2020, the Bank has adopted a prudent approach in its study of the benefits of a CBDC and in the design of the Digital Rupee.
To ensure the elaboration of the Digital Rupee in the most optimal conditions, the Bank requested technical assistance from the International Monetary Fund (IMF). The Bank stands as the first central bank to have benefitted from technical assistance from the IMF in this field. The Bank has also availed itself of guidance from peer central banks and international organisations focusing on digital currency.
As announced by the Governor of the Bank of Mauritius, Mr Harvesh Kumar Seegolam, on the 26th of April 2023 at the International Monetary Fund/World Bank Community of Central Bank Technologists workshop on the theme of “The Future of Central Bank Money in a Digital World”, the Bank is envisaging the rolling out of the Digital Rupee on a pilot phase, post the sandboxing exercise and finalisation of design attributes of the Digital Rupee, in November 2023.
By issuing a consultation paper on the Digital Rupee, the Bank is hereby inviting members of the public to provide, at latest on Friday the 16th of June 2023, their views and suggestions through an online survey. The survey can be accessed on the Bank’s website on https://www.bom.mu/CBDC-survey.
The Bank will be issuing shortly an Expression of Interest to invite members of the public to be part of the testing phase of the Digital Rupee.
Link to ‘Consultation Paper on the Central Bank Digital Currency: The Digital Rupee’:
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