The South African Reserve Bank is open to innovation, embraces technology and is experimenting with digital currencyThis was heard at the virtual launch of the Project Khokha 2 report on Wednesday, April 6. This launch was in collaboration with the Intergovernmental Fintech Working Group following the conclusion of the technical proof-of-concept.
SARB governor, Lesetja Kganyago, said the PK2 was an experimental research project and it does not support any specific technology,He said the project was not about repeating the status quo but about challenging the thinking around designing a different future. The report is SARB’s contribution to broader discussion surrounding the regulatory treatment of assets and financial markets innovation.
“We recognise that digital currency innovation cannot be explored in isolation. The SARB continues to draw on the insights emerging from various initiatives including but not limited to our ongoing study into the feasibility, desirability and appropriateness of a retail central bank digital currency and this was meant to enrich our understanding of digital currency implications.”
South Africa digital currency went live, completely under the radar