The Central Bank of Eswatini (formerly Swaziland; CBE) is working with the German company Giesecke Devrient to introduce government digital lilangeni to overcome problems with fiat currencies.
The CBE said the partnership with the German company came two years after the South African state completed its study of the Central Bank’s digital currency. The Central Bank announced that “the introduction of CBDC in the country will provide a good opportunity for digital currency adoption in Eswatini.”
The regulator believes that the agreement will provide an opportunity to deepen “understanding of the practical aspects of the introduction of the state digital currency in Eswatini”:
“Collaboration with Giesecke Devrient will help to better understand and articulate the underlying policy considerations and use cases of a localized CBDC and realize the possible benefits of digital lilangeni.”
As soon as officials are convinced that the country is ready to launch the digital currency of the Central Bank, the initiative will be implemented, representatives of the regulator assure. Wolfram Seidemann, CEO of technology company Giesecke Devrient, noted that Eswatini, like Ghana, has become another country on the African continent that has “taken a step towards a retail CBDC.”
CBE announced that, like colleagues from other African countries, it is interested in launching and implementing a state digital currency in order to overcome the problems associated with citizens’ access to fiat currencies.
While several African countries that are interested in launching a CBDC are either exploring or
testing, Nigeria’s central bank is the only institution in Africa to launch a central bank digital currency.
Source: Bits
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