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Cryptocurrency News

Mauritius moving closer towards a central bank issued digital currency

Mauritius, a small island nation situated in the Indian Ocean, is moving towards issuing a national Central Bank Digital Currency (CBDC). The country is currently using its central bank-issued currency, the ​Mauritian rupee. ​Mauritius have had open arms in regards to cryptocurrencies, with the creation of the Mauritius International Financial Centre (IFC).

The International Financial Centre

The IFC is a core part of the country’s economy, contributing to 8% of the total GDP for Mauritius. Mauritius sees the IFC as a progression of their economy and increased diversification. The Mauritius economy has been heavily hit by COVID19 due to the country’s huge tourism industry, making up 24% of the country’s GDP.

Mauritius economy

Mauritius has moved from an agricultural past, its previously single resource economy reliant on sugarcane in the 1960s, into an expanding economy developing tertiary industries, such as tourism. The diversification of their tertiary industries now appears to be within fintech and blockchain technology.

Cryptocurrency expansion

The Mauritius government has laid out a clear regulatory framework with ​the issuing of digital asset licenses, allowing for the safekeeping of digital assets, alongside new regulations on Security Token Offerings (STOs). The IFC is taking an active role in the expansion of blockchain and cryptocurrency-related companies in Mauritius, working alongside companies in Africa’s number one country for Information Technology.

Western cryptocurrency exchanges are offering their services in Mauritius, for example, the cryptocurrency exchange Coinbase is available allowing users to buy, sell, and exchange cryptocurrencies. The adoption of cryptocurrencies within Mauritius is also expanding with the hospitality company, ​BookMauritiusHotels now accepting BTC and BCH through the Bitcoin service provider BitPay.

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