South Africa’s central bank said it will not rush the introduction of a central bank digital currency. Cointelegraph reported on Nov. 28 local time that the bank assessed the need for a retail CBDC as limited and set payment system modernisation as its priority.
Cointelegraph said the move reflects scepticism over whether a CBDC can address the fact that 16 percent of South African adults remain outside the financial system.
A report said a CBDC must offer offline capability, broad usability, low cost, ease of use and privacy to gain traction.
The central bank plans to focus on wholesale CBDC and research on cross‑border payment efficiency rather than a retail CBDC.
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