BY KWANELE TSABEDZE
MBABANE – The future is here.
The Central Bank of Eswatini (CBE) is engaging stakeholders in the country to sensitise them on the Central Bank Digital Currency (CBDC). The CBE is hosting a stakeholder engagement session tomorrow at the Happy Valley Hotel.
In a letter to stakeholders, Central Bank of Eswatini Governor Phil Mnisi explains that the CBDC is a form of central bank issued money that exists only in digital form and is fully backed by the central bank.
The Governor further explained that the CBDC workshop will be facilitated by the Central Bank of Eswatini CBDC Working Group (WG) along with CBDC project partners, Giesecke+Devrient (G+D).
The workshop takes place as preceded by the CBE’s consultative forum in June 2019 with stakeholders to discuss the potential introduction of CBDC in Eswatini. It also follows the completion of the CBDC Diagnostic Study commissioned by the CBE in 2020 which found that retail CBDC provided the strongest and most direct opportunity for digital currency adoption in Eswatini.
“After establishing the Bank’s CBDC WG back in August 2021, the Bank identified and partnered with G+D in September 2022 in order to advance its CBDC research efforts to gain an in-depth understanding of the practicalities of implementing a retail CBDC in Eswatini. As part of our research programme, the G+D team will be onsite (in Eswatini) to engage and educate key stakeholders on the subject matter of CBDC. This engagement will also assist in soliciting feedback on CBDC from key stakeholders which will inform the Bank on its strategy in relation to CBDC,” said Mnisi when expanding on the evolution of the CBDC.
Minise also explained that whilst the programme includes a presentation by G+D to unpack the concept of CBDCs, the consultant will further be liaising with stakeholders with the intention to conduct follow up interviews with identified key stakeholders.
