Skip to Content

South Africa’s Biggest Bank Cautions on Crypto Adoption: A ‘Fast Follower’ Strategy

The South African Reserve Bank (SARB) is keen on launching its own digital currency, but the central bank remains cautious, preferring to learn from others’ experiences first before fully embracing it.

South Africa’s Reserve Bank is interested in launching its own digital currency, opting to be a ‘fast follower’ in the crypto market, learning from others’ experiences before fully embracing it.

South Africa's Biggest Bank Cautions on Crypto Adoption: A 'Fast Follower' Strategy

South Africa’s Reserve Bank (SARB) has expressed interest in creating its own digital currency, taking a more cautious approach, preferring to learn from the forays of other countries and institutions into the crypto space. This strategy was outlined by the Reserve Bank Governor Lesetja Kganyago at the recent World Economic Forum in Davos, Switzerland.

Currently, there are 120 countries studying or experimenting with CBDCs, including the Bank of Israel, which is ahead in experimenting with retail CBDCs. Governor Amir Yaron discussed their successful cross-border CBDC experiment, known as Project Icebreaker, conducted in collaboration with Norway and Sweden.

    Ads Blocker Image Powered by Code Help Pro

    Your Support Matters...

    We run an independent site that\'s committed to delivering valuable content, but it comes with its challenges. Many of our readers use ad blockers, causing our advertising revenue to decline. Unlike some websites, we haven\'t implemented paywalls to restrict access. Your support can make a significant difference. If you find this website useful and choose to support us, it would greatly secure our future. We appreciate your help. If you\'re currently using an ad blocker, please consider disabling it for our site. Thank you for your understanding and support.