South African Reserve Bank Evaluates CBDC Necessity Amid Payment System Modernization

According to Cointelegraph, the South African Reserve Bank (SARB) has expressed that there is no immediate requirement for a central bank digital currency (CBDC) in the near term, emphasizing the need to modernize the country's payment system instead. In a paper released on Thursday, the central bank stated that while deploying a retail CBDC is technically feasible, there is no "strong immediate need" for it. The SARB highlighted existing initiatives aimed at modernizing the payments system and expanding non-bank participation in the national payment system as current priorities. The SARB clarified that although it does not currently advocate for the implementation of a retail CBDC, it remains vigilant in monitoring developments and is prepared to act if necessary source: https://www.binance.com/en/square/post/32978952737218?utm_source=BinanceNewsRSS