{"id":258427,"date":"2021-05-25T16:30:36","date_gmt":"2021-05-25T13:30:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/south-africas-central-bank-begins-preliminary-study-for-retail-cbdc\/"},"modified":"2021-05-25T16:30:36","modified_gmt":"2021-05-25T13:30:36","slug":"south-africas-central-bank-begins-preliminary-study-for-retail-cbdc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/south-africas-central-bank-begins-preliminary-study-for-retail-cbdc\/","title":{"rendered":"#South Africa's central bank begins preliminary study for retail CBDC"},"content":{"rendered":"

“#South Africa's central bank begins preliminary study for retail CBDC<\/strong>”<\/p>\n

<\/p>\n

                The South African Reserve Bank has begun exploratory studies on central bank digital currencies.\n                <p>South Africa is the latest country to begin exploring the possibility of creating its own sovereign digital currency.\n<\/code><\/pre>\n
According to a release<\/a> issued on Tuesday, the South African Reserve Bank has begun preliminary feasibility studies about the \u201cdesirability and app<\/a>ropriateness\u201d of a retail central bank digital currency.<\/p>\n
As part of its announcement, the SARB defined a retail CBDC as a cash-complimentary sovereign digital currency issued by the central bank suitable for electronic payments.<\/p>\n
\u201cThe objective of the feasibility study is to consider how the issuance of a general<\/a>-purpose CBDC will feed into the SARB\u2019s policy position and mandate,\u201d South Africa\u2019s central bank stated in its announcement.<\/p>\n
According to the SARB, the preliminary study will focus on issues surrounding a potential CBDC issuance for retail use in South Africa:<\/p>\n
\u201cThe feasibility study will include practical experimentation across different emerging technology<\/a> platforms, taking into account a variety of factors, including policy, regulatory, security and risk management implications.\u201d<\/p><\/blockquote>\n
South Africa\u2019s CBDC study is expected to last until 2022 and will potentially align with the existing institutional digital payments pilot under the aegis of \u201cProject Khokha.\u201d<\/p>\n
Like other central banks currently studying CBDCs, the SARB also stated that its current exploratory studies were in no way an indication of plans to issue a digital rand in the future.<\/p>\n
Back in June 2018, the SARB launched a pilot test for Project Khokha \u2014 the country\u2019s tokenized fiat interbank payment system. As previously reported by Cointelegraph, the project utilizes the Ethereum-based Quorum infrastructure to test digital clearing and settlements for interbank payments.<\/p>\n
The global CBDC field continues to expand with China seen as the de facto leader, at least among the major economies. In South Korea, the country\u2019s central bank recently announced plans to partner with a technology firm to build a sovereign digital currency for its testing protocols scheduled to begin in August.<\/p>\n
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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
“#South Africa's central bank begins preliminary study for retail CBDC” The South African Reserve Bank has begun exploratory studies on central bank digital currencies. <p>South Africa is the latest country to begin exploring the possibility of creating its own sovereign digital currency. According to a release issued on Tuesday, the South African Reserve Bank has…<\/p>\n","protected":false},"author":1,"featured_media":258428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvZjUxNmRmNDMtMDdkMC00MGJhLTk1OGQtZjk1YWVkODc5MTVmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-258427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/258427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=258427"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/258427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/258428"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=258427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=258427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=258427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}