Central bank governor: South Africa digital currency survey underway

Lesetya Kganyago, Governor of the Reserve Bank of South Africa (SARB), confirmed that the Central Bank is currently exploring the possibility of issuing a digital currency. In comments to the SARB’s Annual General Meeting, Governor Khanyago suggested that his organization had initiated the study to be aware of the growing trend of central banks investigating CBDC.

Retail CBDC
In recent years, many central banks, including several central banks in Africa, have similarly announced cbdc research. In addition, the central banks of Ghana and Nigeria have reported that they will start using their own digital currencies in the second half of October 2021.

However, as stated in a recent report by MyBroadband Kganyago, the SARB e-rand study will also seek to understand the appropriateness of CBDC’s release for retail purposes. Kganyago explained:

The aim of the study was to assess the suitability, suitability and desirability of SARB, which in October released CBDC for retail purposes, in addition to cash in South Africa.

Upcoming cryptography Editing
The KHANYAHO CBDC sarb study stems from the fact that South Africa is ready to regulate digital currencies. As reported Bitcoin.com Novosti, a working group known as the fintech Intergovernmental Working Group (IFWG), recently published a paper recommending regulation of crypto service providers.

Already several South African banks are blocking the opportunity for customers to buy cryptocurrencies on foreign platforms. According to reports, these actions by banks are being carried out on behalf of regulators who want the country’s currency control rules to be expanded and include cryptocurrencies.

At the same time, the SARB is expected to complete its research, and a date on which the central bank plans to test it is not yet known.

What is your opinion on this revelation from Governor SARB? You can tell us what you think in the comments below.

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