Digital currency option for South Africa

File: South African Reserve Bank.

File: South African Reserve Bank.


JOHANNESBURG - The South African Reserve Bank is investigating the feasibility, desirability, and appropriateness of a central bank digital currency.

In a statement released on Tuesday, the bank says the study will look at the convenience of using the central bank digital currency as electronic legal tender, for general-purpose retail use and complementary to cash.

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The bank says a digital currency is aimed at providing the best attributes of both cash and electronic payments for consumers.

The CBDC feasibility study is expected to be concluded in 2022.


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