The South African Reserve Bank (SARB) has embarked on a study to investigate the feasibility, desirability and appropriateness of a central bank digital currency (CBDC).<\/p>\n
This, the central bank said in statement, will include electronic legal tender, for general-purpose retail use, complementary to cash.<\/p>\n
\u201cA retail CBDC can be defined as a digital form of cash aimed at providing the best attributes of both cash and electronic payments,\u201d the statement reads.<\/p>\n
The SARB said the objective of the feasibility study is to consider how the issuance of a general-purpose CBDC will feed into the central bank\u2019s policy position and mandate.<\/p>\n
\u201cThe SARB is one of a growing number of central banks looking at the feasibility of the issuance of digital currencies.<\/p>\n
\u201cThe study will focus on the issuance of a domestic CBDC that can be used by consumers in South Africa for general retail purposes,\u201d the SARB said.<\/p>\n
The feasibility study will include practical experimentation across different emerging technology platforms, taking into account a variety of factors, including policy, regulatory, security and risk management implications.<\/p>\n
\u201cIt should be noted that while the CBDC feasibility study is different from Project Khokha, which focuses on the settlement of high-value transactions between commercial banks and other stakeholders at the wholesale level, it is expected that the two studies will result in better policy alignment and coordination,\u201d the central said. <\/p>\n
The CBDC feasibility study is expected to be concluded in 2022. The SARB has, at this stage, made no decision to issue a retail CBDC. \u2013 SAnews.gov.za<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The South African Reserve Bank (SARB) has embarked on a study to investigate the feasibility, desirability and appropriateness of a central bank digital currency (CBDC). This, the central bank said in statement, will include electronic legal tender, for general-purpose retail use, complementary to cash. \u201cA retail CBDC can be defined as a digital form of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[38678],"class_list":{"0":"post-190007","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-sanews","8":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/190007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=190007"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/190007\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=190007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=190007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=190007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}