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 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.
