South Africa Delays Retail Central Bank Digital Currency (CBDC) Launch

The South African Reserve Bank (SARB) has announced a delay in the development of a retail Central Bank Digital Currency (CBDC). Despite its technical feasibility, the SARB sees no immediate necessity for a consumer-facing digital rand. Instead, they prioritize upgrading existing national payments infrastructure, focusing on initiatives such as expanding non-bank participation and improving the country’s payment system. This strategy promises more tangible benefits in the short term than launching a retail CBDC right away.