The digital lilangeni will be a tokenized retail digital currency of the Central Bank of Eswatini (CBDC) that operates on a distributed data platform rather than a distributed ledger. This is intended to ensure that the Central Bank of Eswatini (CBE) retains full control over its governance, and that the digital economy will be fully compatible with existing payment methods and wholesale and retail infrastructures.
“The digital lilangeni will act as an intermediary between merchants and consumers of services, and the financial systеm will convert the currency between users through infrastructure managed by the Central Bank. The CBDC will have pseudo-anonymity that will preserve privacy without violating Know Your Customer (KYC) requirements or anti-money laundering regulations in the region,” the CBE said.
The CBE also noted that the digital lilangeni has become a tool for everyday retail use, rather than a store of value. For example, digital payments in banks can be programmed at the wallet level to enable payment transactions or payments for children’s expenses.
Earlier, representatives of the International Monetary Fund (IMF) reported that central banks of six countries in sub-Saharan Africa (SSA region) are ready to launch their own digital currency by 2028.
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