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After eNaira’s slow uptake, African Central banks are proceeding cautiously with digital currencies

After eNaira’s slow uptake, African Central banks are proceeding cautiously with digital currencies

AS more African countries look to pilot regulated digital currencies, central banks are embarking on 'comprehensive tests' before full-scale rollouts. Mauritius and Tunisia -the only two African countries currently in the development stages of Central Bank-backed e-money are among over 20 countries globally expected to take significant steps towards piloting a Central Bank Digital Currencies (CBDC) this year. Mauritius has already indicated plans to start piloting its digital currency by the end of 2023 after setting up a CBDC "sandbox" -a secure computer-based testing environment- in December 2022 to experiment with various features and design attributes of the currency. "We…
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More African central banks consider digital currencies – a possible game-changer for the continent

More African central banks consider digital currencies – a possible game-changer for the continent

CONRAD ONYANGO, BIRD STORY AGENCY THE foray into central bank digital currencies (CBDC's) in Africa is seen intensifying in 2022, following the roll-out and widespread uptake of the e-Naira, the continent’s first virtual currency backed and issued by a central bank. More than 80 percent of world’s central banks are now considering launching CBDC's, according to PwC’s 2022 CBDC Global Index. “This year, central banks are ramping up activity in the digital currency space. The success of Nigeria’s eNaira is likely to spur CBDC development in countries where financial inclusion is one of the key desired outcomes,” said PwC UK,…
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