In response to the sluggish adoption of digital payment technology in the nation, the South African Reserve Bank, or SARB, has developed a digital payments roadmap.
In order to enable participating financial organizations to test fiat-backed stablecoins in the regulatory sandbox for a two-year period, the central bank has been conducting studies.
This transferable feature is probably going to draw a lot of attention to cryptocurrencycurrencies, but it also highlights the need for laws, which come before mass usage.
This roadmap suggests using blockchain and CBDC technology to broaden financial inclusion and build a more suitable payment system foundation.
The roadmap tackles the challenges associated with tokenization—the process of transforming assets into digital tokens in accordance with a particular regulatory plan.
The bank is also still researching retail CBDC since it may enable quicker and less expensive ways to transmit money for retail transactions.
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