central bankers to have candid discussions on the best approaches to be adopted. true it is that the implementation of cbdcs touches the core of central bank mandates of monetary and financial stability and that each country should consider its own requirements and subsequently adapt the design features of its cbdc to ensure the intended policy objectives and specificities are met, while mitigating associated risks. in the new post - covid global financial architecture that is currently taking shape around us, the potential of the use of cbdcs is, and will be, prominent. it is therefore vital that we are able to adapt ourselves and be ready to act in the most appropriate manner in this new financial architecture. at the bank of mauritius, we are already gearing up for this. i have noted that the agenda across the 3 days is a very packed one. but i am certain that what participants will reap in terms of knowledge, experience and sharing will be simply priceless. we are fortunate that eminent subject matter experts from all continents have willingly accepted to put their expertise at the disposal of the central banking community. 4 / 5 bis - central bankers'speeches we are very eager to hear about the participants'experiences on their respective cbdc journeys, not only on the payment system side, but also on the monetary and financial stability sides. the lessons on consumer experience, including challenges and solutions for service delivery will benefit the greater number. pertinent questions from market players and consumers will keep rising and, as central bankers, it is our duty to reflect on them, and provide meaningful answers. ensuring strong privacy safeguards while meeting financial compliance rules, who will be able to access sensitive cbdc payments data and for what purpose, are some of the questions which we currently face and need concrete answers to. my call to all participants is to make the most of this opportunity for interacting with peers, sharing experiences and working together to devise the best possible approach for the elaboration and roll out of cbdcs. before i end, i would like to reiterate the need for close collaboration between participants, stakeholders and the public in general. next month, the bank of mauritius will be issuing a document for public consultation on cbdc. i encourage all stakeholders concerned to be fully involved in the discussions and share their views. i wish you all a fruitful workshop. ladies and gentlemen, i thank you for your attention. 5 / 5 bis - central bankers'speeches

the notion that a cbdc cannot be a " near - cash " option. it needs to be " cash - like ". it needs to be as convenient, safe and trusted as cash, though digital in nature. a cbdc must be construed as a type of payment instrument to be made available to one and all. hence, it should be working just as efficiently as any other existing mode of payment. otherwise, adoption and acceptance of the cbdc will become very complex. this is particularly more pronounced in countries with well - established payments systems as end - users may have little motivation to switch to another payment mode. it goes without saying that industry buy - in and the public's trust are very critical in the cbdc experimentation. as a matter of fact, the success of cbdcs hinges on awareness. cbdc experiments can be subject to various challenges, often unexpected ones. that is why it is critical that central banks collaborate with each other, and with international institutions, as well as with their respective stakeholders for meaningful implementation of cbdcs. amidst the growth of private payment systems, the incursion of bigtechs in the payment arena and the potential risk of partial displacement of legal tender by private crypto assets, central banks started a few years ago to explore the possibility of the issuance of their own digital currency. the extensive research conducted by international organisations including the bretton woods institutions and the bis have significantly contributed to our understanding of cdbcs. ladies and gentlemen, two weeks ago, the imf launched its handbook on cbdcs in prelude to an international monetary fund panel on cbdc in the context of the 2023 imf - world bank spring meetings. i was delighted to contribute to the panel by showcasing the mauritius experience, and sharing our experience and lessons learnt. this handbook stands as a beacon for central banks along their journey towards creating and rolling out their respective cbdc. in this ethereal digital environment, a number of central banks have adopted a " wait and see approach " on how cbdcs evolve, both conceptually and in practice. other central banks have, for their part, been actively working to gauge the pertinence of digital currencies, and understand the challenges and benefits that stem from them. this is the case for the bank of mauritius. shortly after i assumed office in 2020, i deemed that working on the creation of our cbdc, the'digital rupee'was to be one of our key priorities