The Digital Payments Plan proposed by South Africa’s central bank, the SARB, aims to boost the nation’s sluggish adoption of digital payment methods. This strategy suggests integrating crypto and Central Bank Digital Currency (CBDC) technology to expand financial access and develop a robust foundation for our digital payment system.
The central bank is conducting research to enable selected financial institutions to experiment with fiat-backed stablecoins in the regulatory sandbox for a two-year duration. This feature may attract many people towards cryptocurrencies, but it also underscores the importance of regulations before widespread usage becomes commonplace.
The bank continues to explore retail central bank digital currencies (CBDCs), offering potential benefits such as cost-effective and swift fund transfers for retail transactions. The plan tackles the challenges related to tokenization – converting assets into digital tokens based on a regulatory framework.
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2024-04-23 03:16