Digital rand - CBDC for South Africa

Jan

Who's the Boss?
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E-rand for South Africa

The South African Reserve Bank (SARB) is busy investigating creating a digital rand that consumers can use to make payments.

“The SARB, like many other central banks, has embarked on a central bank digital currency (CBDC) feasibility study,” said SARB governor Lesetja Kganyago at the bank’s AGM on Friday.
 

Herr der Verboten

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This is all so ridiculous lol. What exactly is a digital rand? As opposed to what? Gold? We all use digital currency already. If you can't get people banked to start with you're just going to muddy the water with a "digital" currency.
gold isn't digital... k :rolleyes:
 

callvm

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Mar 17, 2020
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This is all so ridiculous lol. What exactly is a digital rand? As opposed to what? Gold? We all use digital currency already. If you can't get people banked to start with you're just going to muddy the water with a "digital" currency.
but blockchain
 

Kawak

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Makes no sense, why? What's the Rands that I spent when I tapped my credit card? Erand what? No notes and coins where "materialised" into the tills, none were "dematerialised" at the nearest bank vault. blockchains makes no sense to a currency that has interest rates and is manipulated by a central bank.
 

PseuDohNom

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Jul 28, 2020
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Pretending that eRands are the same concept as Bitcoin, before the public figures out that it's basically the opposite.

It's the ultimate in centralised control of an entire money system, and the only way they can keep up this facade that inflation is normal.
 

JohnMao

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Is this the same as using my cheque card at a shop? Or using it to buy online?
Asking for the uninitiated in government here...
 

blunt

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Pretending that eRands are the same concept as Bitcoin, before the public figures out that it's basically the opposite.

It's the ultimate in centralised control of an entire money system, and the only way they can keep up this facade that inflation is normal.
Yep.. just a way to audit everyone at a very low level. Wouldn't touch it
 

genetic

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This is all so ridiculous lol. What exactly is a digital rand?

Read the article.

It's a stablecoin - a cryptocurrency pegged to the Rand. All the benefits of cryptocurrency without the wild fluctuations of non-fiat or commodity backed cryptocurrencies. All countries are looking at doing this. You don't have to invest or buy if you don't want to.
 

Leno

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If it is supported at exchanges it will make arbitrage interesting
 
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