South Africa's central bank begins preliminary study for retail CBDC
The South African Reserve Bank has begun exploratory studies on central bank digital currencies. South Africa is the latest country to begin exploring the possibility of creating its own sovereign digital currency.According to a release issued on Tuesday, the South African Reserve Bank has begun preliminary feasibility studies about the “desirability and appropriateness” of a retail central bank digital currency.As part of its announcement, the SARB defined a retail CBDC as a cash-complimentary sovereign digital currency issued by the central bank suitable for electronic payments.“The....
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The South African Reserve Bank (SARB) says it has commenced a feasibility study for a general-purpose retail central bank digital currency (CBDC). The study, which the SARB expects to conclude in 2022, will focus on the issuance of a domestic CBDC that can be used by consumers in South Africa for general retail purposes. Study to Focus on Retail CBDC In a statement released on May 25, 2021, the central bank says the feasibility study will include practical experimentation across different emerging technology platforms. The study will take into account a variety of factors, including....
The results of a new study from the Bank of Thailand point to three key considerations for making sure a retail central bank digital currency doesn't adversely impact financial stability. The Bank of Thailand has published the results of a new study into how to manage the implications of issuing a retail central bank digital currency (CDBC) for the country’s financial sector.As distinct from a wholesale CBDC, which is limited to use by financial institutions and intermediaries, a retail CBDC is widely available for use by the general public. The Bank of Thailand, like many other central....
Thailand’s central bank is calling for public comments on its proposed plan to launch a sovereign digital currency within the next five years. The Bank of Thailand has set its agenda for a retail central bank digital currency with preliminary testing protocols scheduled to begin in Q2 2022.Thailand’s central bank made this known in a press release issued on Friday calling for public comments on the proposed CBDC roadmap. As part of its plans, the central bank published a preliminary report detailing its CBDC thesis. Explaining its motivation for creating a CBDC, the Bank of Thailand argued....
Before trying to apply blockchain to anything, think why. Retail central bank digital currencies, or CBDCs, do not require the use of blockchain technology, according to executives at major European central banks.Thomas Moser, an alternate member of the governing board at Swiss National Bank, and Deutsche Bundesbank’s Martin Diehl discussed the state of CBDCs at the European Blockchain Convention Virtual 2020 conference on Monday.During the online panel discussion, both Diehl and Moser seemed to agree that global retail CBDC projects do not need blockchain, citing a number of reasons.Moser....
CBDC, also central bank digital currency, is a digital token issued by a country. Many governments and central banks around the world are exploring the use of CBDCs. Even though they mostly remain in the hypothetical stage. However, more than 80% of central banks are looking at digital currencies. The Reserve Bank of Australia announced […]