The Bank for International Settlements will test the use of central bank digital currencies with South Africa and other countries in an experiment that could lead to a more efficient global payments platform.
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South Africa is moving with more urgency to stiffen oversight of cryptocurrency assets after a proliferation of scams.
Consumer price inflation accelerated to a 30-month high of 5.2% year on year in May, moving above the midpoint of the central bank’s target range for the first time since Covid-19 struck.
South Africa has laid the foundation for finance watchdogs to set crypto-asset controls as the nation seeks to curb growing cases of fraud and improve the management of cross-border flows.
The South African Reserve Bank will introduce the Authenticated Collections/DebiCheck project from 1 May 2021 as part of its modernisation of the National Payment System.
Promoted | Block Markets Africa is supporting an investigation by the South African Reserve Bank into the impact and benefit of blockchain technology on the future of financial markets and their systems.
The South African Reserve Bank has cut the repo rate by a 100 basis points – the second time it has done so in less than a month as worries mount over the impact of Covid-19 on economic growth.
South Africa’s economy could contract by between 2% and 4% this year due to the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.
A new report proves what everybody already knows: businesses cannot operate without electricity and without operating businesses the economy cannot grow.
African central banks are working to link the continent’s major cross-border payment systems as plans to create the world’s largest free-trade zone gain momentum.