{"id":14239,"date":"2022-10-19T14:53:22","date_gmt":"2022-10-19T14:53:22","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/digital-lilangeni-to-curb-revenue-leakage"},"modified":"2022-10-19T15:58:10","modified_gmt":"2022-10-19T15:58:10","slug":"digital-lilangeni-to-curb-revenue-leakage","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/digital-lilangeni-to-curb-revenue-leakage","title":{"rendered":"DIGITAL LILANGENI TO CURB REVENUE LEAKAGE"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>Eswatini needs to move fast towards its intention to introduce a digital currency.<\/b><\/p>\n

The urgency to fast-track processes to culminate in introduction of Digital Lilangeni emanates from an observation to the effect that there could be a possibility of risks if Eswatini does not have digital cash at time when the South African Reserve Bank Central Bank Digital Currency (CBDC) has.<\/p>\n

The Central Bank Digital Currency (CBDC) is anticipated to exist exclusively in digital or algorithmic format. It will be underpinned by technologies that allow for seamless transactions across one integrated payment system by using a single standardised payment instrument.<\/p>\n

A report presented by the Central Bank of Eswatini has indicated that if Eswatini does not possess a comparable digital cash instrument at the time of a SARB CBDC, the economy could face risks of revenue leakage (particularly where it may offer better utility relative to the existing retail payments and cash options thus encouraging use of extra-territorial instruments) and non-MMA compliance regarding foreign exchange.<\/p>\n

According to the study this scenario could potentially create risks to peg maintenance such as fiscal leakage, balance of payment losses, illicit flows and even problematic GDP accounting thus accelerating the need for active measures to maintain the peg.<\/p>\n

The report released by CBE indicates that however, if a CBE CBDC already exists, such intervention may not be necessary, as protocols could be programmed into its design to enable CBE CBDC to abide by or even strengthen and smoothen, CBE exchanges with the SARB 15 CBDC.<\/p>\n

\u201cHow these exchanges contribute to the peg depends on the approach CBE takes to CBDC and reserve management,\u201d the report indicated.<\/p>\n

Risk<\/b><\/p>\n

It stated that if the CBE introduced a wholesale CBDC before the SARB, its effect on the peg would not necessarily strengthen or pose a risk to the peg. This according to the study was because, although CBDC could theoretically move reserves faster and enable faster bond issuance, the quantity of CBDC would still be restricted under the MMA.<\/p>\n

It was stated that the design and use of CBDC for peg maintenance would furthermore be under the prerogative of the CBE and national authorities, who are likely to be conservative in this area. \u201cIf the SARB introduces a wholesale CBDC before or after the CBE issuance in terms of crossborder exchange, the effect on the peg could be limited.<\/p>\n

Firstly, under 1992 MMA guidelines, any development of an Eswatini CBDC would involve the consultation of the CBE with the SARB to agree on the CBDC and manage any foreseeable risks posed to the peg,\u201d the report stated.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. Eswatini needs to move fast towards its intention to introduce a digital currency. The urgency to fast-track processes to culminate in introduction of Digital Lilangeni emanates from an observation to the effect that there could be a possibility of risks if Eswatini does not have digital cash at time when the South […]<\/p>\n","protected":false},"author":84,"featured_media":14238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,9],"tags":[234,248,249],"class_list":["post-14239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-miscellaneous","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nDIGITAL LILANGENI TO CURB REVENUE LEAKAGE - Eswatini<\/title>\n<meta name=\"description\" content=\"Eswatini needs to move fast towards its intention to introduce a digital currency. 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