{"id":38182,"date":"2023-11-18T16:23:01","date_gmt":"2023-11-18T16:23:01","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/?p=38182"},"modified":"2023-11-18T15:02:38","modified_gmt":"2023-11-18T15:02:38","slug":"cbdcs-project-imperative-to-eswatini-markets","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets","title":{"rendered":"CBDCs PROJECT IMPERATIVE TO ESWATINI MARKETS"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>CBDCs are imperative to the local markets as they help banks avoid working with unverified actors, which can deter their implication in fraud and other criminal activities, including money laundering among other things.<\/b><\/p>\n

Governor of the Central Bank of Eswatini (CBE) Dr Phil Mnisi said the Central Bank Digital Currency (CBDC) project was approaching the pilot phase.<\/p>\n

Mnisi said a diagnostic study was conducted in 2020 which investigated the Potential for a CBDC and the possible use cases for the Implementation of a CBDC in Eswatini, such as payment system Efficiency and functionality.<\/p>\n

CBE partnered with Financial Services Providers (FSPs) and Mobile Money Service Providers (MMSPs) on the pilot to test Potential use cases under a controlled environment.<\/p>\n

The pilot aimed to assess the technological feasibility of the Digital Lilangeni, gain user feedback, and identify opportunities for Improving usability and future adoption of the potential Digital Lilangeni.<\/p>\n

\u201cThe Bank is yet to make a definitive decision on whether it will issue A Digital Lilangeni in the future or not, following the pilot closure,\u201d mentioned the Governor.<\/p>\n

CBE said it has continued its investigation into the possibility of issuing a digital Lilangeni as a complement to cash.<\/p>\n

The Central Bank noted that the 1st Phase of the CBDC Diagnostic Study conducted found that a retail CBDC presented the strongest and most direct opportunity for the adoption of a digital currency in Eswatini.<\/p>\n

CBE partnered with renowned international technology group Giesecke+Devrient (G+D) in September 2022 to research and explore the development of a potential CBDC.<\/p>\n

This was disclosed by the Governor of the CBE, Dr. Phil Mnisi when presenting the Banks\u2019 Annual Integrated Report for the 2022\/23 financial period.<\/p>\n

\u201cOne of the key lessons learned throughout the Eswatini CBDC project is the importance of considering the local context. Understanding the specific needs, preferences, and existing payment methods of the Eswatini market is crucial for the successful implementation of the CBDC.\u201d<\/p>\n

\u201cTo ensure that consumers continue to have access to legally backed CBE money through the CBDC project, the Bank has continued its investigation into the possibility of issuing a digital Lilangeni as a complement to cash. This involves understanding used cases and exploring design concepts of a potential digital currency in Eswatini which includes aspects of governance, accessibility, interoperability, security, and programmability.\u201d<\/p>\n

He acknowledged that there is a need to conduct an assessment of the potential impact on monetary policy. Dr. Mnisi, however, stated that since the country operates in the Common Monetary Area (CMA), they are working closely with all the countries that are part of the CMA.<\/p>\n

\u201cThe most important thing for us is that we are not working in isolation, as we are part of a CMA working group. This partnership will ensure that there are no risks that arise as we attempt to roll out the project. South Africa for instance has invested heavily into the CBDC project as well,\u201d mentioned the Governor.<\/p>\n

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

Africa-Press – Eswatini. CBDCs are imperative to the local markets as they help banks avoid working with unverified actors, which can deter their implication in fraud and other criminal activities, including money laundering among other things. Governor of the Central Bank of Eswatini (CBE) Dr Phil Mnisi said the Central Bank Digital Currency (CBDC) project […]<\/p>\n","protected":false},"author":84,"featured_media":38180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[234,248,249],"class_list":["post-38182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nCBDCs PROJECT IMPERATIVE TO ESWATINI MARKETS - Eswatini<\/title>\n<meta name=\"description\" content=\"CBDCs are imperative to the local markets as they help banks avoid working with unverified actors, which can deter th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBDCs PROJECT IMPERATIVE TO ESWATINI MARKETS\" \/>\n<meta property=\"og:description\" content=\"CBDCs are imperative to the local markets as they help banks avoid working with unverified actors, which can deter th ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-18T16:23:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/11\/sm_1700306942.165031.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"990\" \/>\n\t<meta property=\"og:image:height\" content=\"594\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBDCs PROJECT IMPERATIVE TO ESWATINI MARKETS\",\"datePublished\":\"2023-11-18T16:23:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets\"},\"wordCount\":502,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/11\/sm_1700306942.165031.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/cbdcs-project-imperative-to-eswatini-markets\",\"name\":\"CBDCs PROJECT IMPERATIVE TO ESWATINI MARKETS - 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