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The SA Reserve Bank is looking into digital currencies for the retail sector, but what will this future look like? Dystopia or financial liberation? ....
Ciaran Ryan / Moneyweb The South African Reserve Bank (Sarb) recently announced that it is commencing a feasibility study for a general-purpose retail CBDC. SA is one of several countries considering the use of blockchain technology for a Central Bank Digital Currency. Picture: iStock For a peek into the future of money, take a look at what is happening in China. Earlier this month the Chinese government reiterated its hostility to bitcoin mining while the Central Bank of China ramped up plans to roll out the digital yuan. The idea behind the digital yuan is to replace cash (which fewer people want to handle post-Covid), clamp down on cash-related crimes, and improve the convenience and costs of transacting. ....
Sarb looks into central bank digital currency South Africa has 19 finalists for The One Show 2021The One Club for Creativity has announced nine agencies in South Africa have 19 entries selected by its global juries of top creative leaders as finalists for The One Show 2021. South Africa s Top 50 most valuable brands for 2021The Top 50 most valuable South African brands were initially forecasted to lose over R65bn in cumulative brand value (15%) during the pandemic. However, resolve and resilience have meant the Top 50 have only recorded a 2% (R8.8bn) decrease in cumulative brand value, from R471.3bn in 2020 to R462.4bn in 2021. This resilience is especially evident in the recovery seen on the Johannesburg Stock Exchange (JSE), which returned to January 2020 levels after just 15 months. ....
South Africa contemplates its own digital currency Sasha Planting Led by countries as large as China and as small as the Bahamas, central banks are warming to the idea of introducing digital currencies to effect faster, easier and cheaper transactions. The South African Reserve Bank (SARB) is the latest to get in on the act, announcing on Tuesday that it has embarked on a study to investigate the feasibility, desirability and appropriateness of a central bank digital currency (CBDC) as electronic legal tender, for general-purpose retail use, complementary to cash. In October 2020 the Central Bank of the Bahamas introduced the “Sand Dollar” as an alternative to its traditional dollar. It can be loaded on to mobile wallets on smartphones and used to buy a beer, or scan a QR code, and is more convenient than swiping a credit card or using a grubby note. ....
The SA Reserve Bank building. The SA Reserve Bank confirmed on Tuesday that its research into launching a digital rand should be completed next year. Last month, China launched its own digital currency, while the US is also probing the possibility. Digital currencies are backed by the central bank, and can be used to pay for goods and services directly - bypassing retail banks. The South African Reserve Bank (SARB) on Tuesday confirmed that its research into launching its own digital currency as electronic legal tender should be concluded by next year. Many other countries – including the US and the UK - are looking into the possibilities of issuing their own digital currencies, with China launching its “cyber yuan” last month. The US Fed said in recent days that is research into an American digital currency will be published in coming weeks. ....