AMBITIONS TO GO CASHLESS, BUT LONG WAY TO GO

EZULWINI – The Central Bank of Eswatini (CBE) is continuing with its research and development of a central bank digital currency (CBDC) journey.

The Digital Lilangeni is a retail CBDC, that is designed to ensure that emaSwati continue to have access to central bank money, even when transacting digitally. However, transitioning from cash to digital currency would not just come easy and soon because there were a lot of policies to follow for it to come to life.  CBE Head of Information and Technology (IT) Sinaye Dlamini said the country was still not mature enough to move away from cash and go full digital.

He said moving into digital currency was a journey that requires technology infrastructure, which should be countrywide and reach every liSwati. Dlamini stated that it was not just Eswatini that was not ready, but the entire continent was also not ready. He said it was only the developed economies that were able to transition into digital currencies.

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