⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
"South Africa Advances in Central Bank Digital Currencies Amidst Corruption Concerns."
✅ 🇿🇦 is experimenting with Central Bank Digital Currencies (CBDCs), with involvement in two international CBDC prototype projects led by the Bank for International Settlements.
✅ The South African Reserve Bank partnered with Australia 🇦🇺, Malaysia 🇲🇾, and Singapore 🇸🇬 central banks on Project Dunbar, a wholesale CBDC pilot aimed at streamlining cross-border transactions, but faced initial hurdles on governance and regulatory boundaries.
✅ Additionally, the South African Reserve Bank developed a proof-of-concept, Project Khokha, to test tokenization and distributed ledger technology within interbank settlement, though Governor Kganyago expressed doubts about decentralized markets fulfilling public policy objectives.
✅ The South African Reserve Bank hopes retail CBDCs could enhance regulatory reporting, anti-money laundering measures, and users’ privacy protection, but also wants to regulate cryptocurrencies to prevent undermining the central bank's authority.
✅ Despite scoring 79/100 in Freedom House’s 2023 Freedom in the World report, 🇿🇦 struggles with corruption, raising doubts about the government’s promises on limiting CBDC-associated risks like surveillance and control, and potential politically-motivated restrictions.
#BIS #CBDC #SouthAfrica #ProjectDunbar #ProjectKhokha #ReserveBank #MonetaryPolicy #Tokenization #DistributedLedger #Corruption #FreedomHouse
📢What are your thoughts on the future of CBDC's in South Africa, given the pervasive corruption concerns? How do you think these challenges can be addressed to realize the benefits of CBDCs without undermining human rights and financial stability? Your thoughts matter to us! Join the conversation below!
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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