Crypto: the currency of the future?
Cryptocurrencies hold incredible potential, but time, and regulation, are required to ensure mass adoption.
11 August 2021
In May, the South African Reserve Bank (SARB) announced that it would be investigating the feasibility, desirability and appropriateness of a central bank digital currency (CBDC) as electronic legal tender. The SARB’s digital currency would be for general-purpose retail use and would act as a complement to cash. “The objective of the feasibility study is to consider how the issuance of a general-purpose CBDC will feed into the SARB’s policy position and mandate,” reads a SARB statement.
Marius Reitz, Luno’s GM for Africa, describes the move as ‘progressive’. “The SARB understands that a shift to digital currencies won’t happen overnight, but it’s clear that they’re here to stay.”
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