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BUSINESS MAVERICK: A digital currency in South Africa is still a long way off

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Central banks can use digital currency as a substitute for cash in circulation initially, and it could also help to bolster liquidity, but is South Africa ready for such a commitment?

At the time the bank met potential tender vendors to discuss the scope of the project, how it would be executed and its design principles.

Meanwhile, the South African Reserve Bank Act, which dates back to 1989, only empowers the Reserve Bank to mint coins and make banknotes, but does not expressly contemplate the minting or making of digital currency. Presumably, legislative steps would be taken to pave the way for the issuing of a digital SA ELT.

It is a collaborative effort, which includes participation from National Treasury, the Financial Intelligence Centre, the Financial Sector Conduct Authority, the National Credit Regulator, the South African Reserve Bank and the South African Revenue Service.

She says that many of these private operators say they want to reach the unbanked, which is estimated to be in the region of 1.7 billion people.

 

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