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.
Browsing: South African Reserve Bank
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 is studying the benefits of issuing a digital currency for general retail purposes, it said on Tuesday, in line with several other central banks.
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.
South Africa stands to lose five years of potential economic output due to the shock from the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.
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.