South African Reserve Bank eyeing a central bank digital currency

18 May, 2019
by Richard Allen
South African Reserve Bank eyeing a central bank digital currency

The South African Reserve Bank is weighing the options of developing an officially-backed digital currency, Business Tech reports.

On May 14, the SARB published a tender calling for “prospective solution providers in anticipation of a feasibility project in digital currency.”

“The primary aim of the project is for the SARB to investigate the feasibility and desirability of central bank issued digital currency to be used as electronic legal tender, complimentary to cash,” it said.

“Although this project will be managed as a discrete set of activities within its own agreed set of milestones and deliverables, it is deemed part of the overarching SARB Fintech Programme, it continued.

“During the execution of this project, interaction will be required with the Fintech Unit and program team in order to exchange and benefit from the skills, learnings, approach and policy determinations that emerge from both streams.”

In March, Chepicap reported South Africa is first in the world in terms of cryptocurrency adoption, with 10.7% of South African internet users owning cryptocurrency. The global average is 5.5%. 

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