South Africa’s central bank says no ‘strong immediate need’ for CBDC

The South African Reserve Bank found no short-term need for a retail CBDC, saying wholesale or cross-border uses should be explored instead.

The South African Reserve Bank (SARB) says it doesn’t see a need for a central bank digital currency (CBDC) in the near-term, instead saying the country should modernize its payments system.

The South African central bank said in a paper released on Thursday that there was no “strong immediate need” for a retail CBDC, though deploying one was technically feasible.

It said that existing initiatives, such as a program to modernize the payments system and expand non-bank participation in the national payment system, should remain the priority for now.

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