South African Reserve Bank Prioritizes Payment Modernization over Near-Term CBDC

Friday Nov 28 2025 04:20

Duration

1 min

  1. 1. South African Reserve Bank Focuses on Payment System Modernization

  2. 2. Shift to Wholesale CBDC and Cross-Border Payment Efficiency

  3. 3. Crypto and Stablecoin Warnings Issued

  4. 4. Global CBDC Race Continues

South African Reserve Bank Focuses on Payment System Modernization

The South African Reserve Bank (SARB) has stated it sees no strong immediate need for a retail Central Bank Digital Currency (CBDC) in the near term. Instead, the central bank believes that the country should prioritize modernizing its existing payment systems. In a paper released on Thursday, the SARB indicated that while deploying a retail CBDC was technically feasible, there was no "strong immediate need" for one. It emphasized that existing initiatives, such as the program to modernize the payments system and expand non-bank participation in the national payment system, should remain the priority for now. "While the SARB does not currently advocate for the implementation of a retail CBDC, it will continue to monitor developments and will remain prepared to act should the need arise," the bank stated.

Shift to Wholesale CBDC and Cross-Border Payment Efficiency

The central bank will shift its focus toward exploring wholesale CBDC applications and improving cross-border payment efficiency, while continuing to monitor retail CBDC developments, according to the report.

Crypto and Stablecoin Warnings Issued

The SARB also issued warnings regarding crypto assets and stablecoins, identifying them as potential risks to technology-enabled financial innovation. The bank cautioned that crypto could be used to circumvent Exchange Control Regulations.

Global CBDC Race Continues

According to the Atlantic Council CBDC Tracker, only three countries have officially launched a CBDC: Nigeria, Jamaica, and The Bahamas. Meanwhile, 49 countries have CBDCs in a pilot testing phase, 20 countries are actively developing one, and 36 countries are researching CBDCs. The United States shelved its CBDC plans under the Trump administration.

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Written by:

Liam James

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