Africa-Press – Cape verde. Cape Verde should have its digital currency (digital shield) as early as 2023, as predicted by the Bank of Cape Verde (BCV). The institution awaits the revision of the organic law to extend its competence to this segment.
The information was released today by the administrator of the BCV, Antónia Lopes, following the holding, in the city of Praia, of the IX Meeting of the Payment System of the Central Banks of the Community of Portuguese-speaking Countries, whose theme is “Challenges of digital transformation in the Payments sector”.
The digital currency, he said, is part of the Central Bank’s strategic plan for 2021/24, and studies are currently underway to analyze the impacts in terms of monetary policy, the advantages and risks that it also brings to the financial sector, for the stability of the financial system, the types of currency and the limit for anonymity.
“One of the characteristics of physical currency is anonymity. With digital currency there will be some tracking and, above all, the risks associated with digital innovation. We have to analyze all this and we are in studies. The new organic law will allow the Banco de Cabo Verde to issue this type of currency and we hope that, with its approval, we will be able to issue it”, he explained.
Attention to risks
Antónia Lopes stressed that the digital currencies of central banks, as well as other digital innovations in the payment system, such as instant payment, are innovative initiatives in terms of payment systems that allow several advantages. Still, he warns of the risks.
“The challenges it imposes for the regulator is to adapt the regulation to allow the entry, not only of new players, but also to guard against risks, especially cyber risks”, he warned.
money laundering
The issue of money laundering and combating the financing of terrorism is another aspect that deserves attention, emphasizes the BCV administrator.
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