South Africa’s central bank says no ‘strong immediate need’ for CBDC
The South African Reserve Bank found no short-term need for a retail CBDC, saying wholesale or cross-border uses should be explored instead.
The South African Reserve Bank says it doesn’t see a need for a central bank digital currency in the near term, instead saying the country should modernize its payments system.
The South African central bank said in a paper released on Thursday that there was no “strong immediate need” for a retail CBDC, though deploying one was technically feasible.
It said that existing initiatives, such as a program to modernize the payments system and expand non-bank participation in the national payment system, should remain the priority for now.