An update on the South African electronic rand

Daniel Puchert

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South African electronic rand update

The South African Reserve Bank has decided not to publish its findings from the first phase of its Central Bank Digital Currency (CBDC) feasibility study.

A spokesperson for the bank told MyBroadband that they concluded phase one of the feasibility study towards the end of 2022.
 
Another one of those government "hot air" press releases that MyBB considers news worthy.
 
The irony is that it won't be a "stable" coin.
 
Is this because they realized that a digital rand would be as worthless as a paper-based one?
 
Is this because they realized that a digital rand would be as worthless as a paper-based one?
Why would anyone consider any form of electronic currency when the physical currency is not underpinned by anything, and printed.
 
Does the ANC not know "we be having it". Been making EFT's since the early 2000s
 
Is this because they realized that a digital rand would be as worthless as a paper-based one?

No they are thinking this will protect a collapsing Rand as they are more estranged from the West, from possible upcoming sanctions, and from economic decline as they probably think they can give unlimited electronic Rands to everyone. This, just like anything else, will blow up massively in their faces.
 
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