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.”