The South African Reserve Bank stated that it does not see an immediate need for a central bank digital currency (CBDC) in the short term, but rather that the country should modernize its payment systems.
In a document released by the South African Reserve Bank on Thursday, it mentioned that although technically feasible, there is no "strong urgent demand" for a retail CBDC.
It indicated that existing initiatives, such as plans to modernize the payment system and expand the participation of non-bank institutions in the national payment system, should temporarily remain a priority.
The central bank stated that it will shift its focus to exploring the applications of wholesale CBDCs and the efficiency of cross-border payments, while continuing to monitor the development of retail CBDCs.
The research assessed whether a retail CBDC could address the shortcomings of South Africa's payment system, revealing that challenges remain, with about 16% of adults still unbanked.
For a CBDC to succeed, it needs to match or exceed the advantages of cash, including offline functionality, universal acceptance, low cost, ease of use, and privacy features.
Recently, South Africa has taken a negative stance towards cryptocurrencies, with the central bank issuing warnings about crypto and stablecoins.
In a report released earlier this week, the South African Reserve Bank labeled "crypto assets and stablecoins" as new risks driven by technological financial innovation.
The bank also warned that cryptocurrencies could be used to circumvent foreign exchange control regulations that govern the inflow and outflow of funds in and out of South Africa.
Only three countries have officially launched a CBDC: Nigeria, Jamaica, and the Bahamas, according to the Atlantic Council's CBDC Tracker.
Forty-nine countries are in the pilot testing phase of CBDCs, 20 countries are actively developing them, and another 36 countries are conducting research. Meanwhile, the United States shelved its CBDC plans during the Trump administration.
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Original: “South African Central Bank Says No 'Strong Immediate Need' for CBDC”
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