Digital rand - CBDC for South Africa

Corelli

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1. If its like the fake E-Krona (Its just a money making scheme
2. The only people that would make money from it? Is the idiots that invented a coin with that, and now they hope billions will be spent in buying it, so that they can get rich, at other people's stupidity

But thats really what Bitcoin was meant to be. A mathematical experiment to prove that people will effectively spend billions of actual money, on something that is actually worthless, and other than a scrap of paper, or a wallet holding algorithms. Yet still nothing

And its proved it's point.

There is always a backdoor like Ethereum, where you could simply empty soo many wallets and nobody could do a thing.

But then there is also a lot of corrupt people using it, and heck probs didnt notice we can trace them like a hot knife through butter.

What if you developed a currency, that couldnt be hacked, where stupid people would buy into and where the corrupt would hide money into, and then you simply siphon off all that money. It's not printed, you cannot be arrested for it, its simply just a genius idea.

And there ladies and gentlemen... you have Bitcoin

SN
 

saor

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2. The only people that would make money from it? Is the idiots that invented a coin with that, and now they hope billions will be spent in buying it, so that they can get rich, at other people's stupidity
You wouldn't 'buy it' any more than you currently buy ZAR. It would just be something you use, like you currently use ZAR. If the only context you think digital currencies can exist in is the world of exchanges and scams, then you're just ignoring the fact that behind all the noise is an actual technology that's got application. The article clearly states ZAR parity and issuance governed the way ZAR is currently governed. Unless you just wanted to rant about bitcoin.
 

genetic

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2. The only people that would make money from it? Is the idiots that invented a coin with that, and now they hope billions will be spent in buying it, so that they can get rich, at other people's stupidity

Again, it's NOT Bitcoin. Read the article. It's a cryptocurrency pegged to the Rand.

I suggest you do some reading on what stablecoins are;

 

Swa

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You wouldn't 'buy it' any more than you currently buy ZAR. It would just be something you use, like you currently use ZAR. If the only context you think digital currencies can exist in is the world of exchanges and scams, then you're just ignoring the fact that behind all the noise is an actual technology that's got application. The article clearly states ZAR parity and issuance governed the way ZAR is currently governed. Unless you just wanted to rant about bitcoin.
Bitcoin and the technology aren't the same thing. Those who punt Bitcoin generally don't care about the technology but just rant on about control and inflation.
 

IRVING

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Apr 30, 2010
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I see no point or value in this, as already mentioned our money is somewhat digital. I can go months without having physical cash so not sure what this solves for. If this was a digital currency that could potentially be used across Africa, now that would really be game changing.
 

John Tempus

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Push the E-Rand all you like , no way in hell will I use it to support to government in yet another ridiculous monetary movement.

Unless the government make the E-Rand a complete replacement for all other forms of payments it just makes no sense to even bother with it.
 

Kawak

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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.
I seriously need/want to understand here, what benefits exactly? Way I see it, crypto was intended to be what a real currency should be, agreed value of exchange without bureaucratic manipulation. A digital pegged currency is likely the worst of both worlds, entirely traceable, and controlled at the same time.
 

John Tempus

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But how is the euro not digital already is my point. Calling this new system a 'digital currency' is bull.

It is not new, just more bloat and pandering.

E-Rand issued by a central entity that manages a single point of data entry for tracking that they have sole control over is exactly what we already have with electronic payments.

They can blow all the smoke up our arses that it will be more streamlined but at the end I see this as just another tender scam in the making.
 

genetic

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I seriously need/want to understand here, what benefits exactly? Way I see it, crypto was intended to be what a real currency should be, agreed value of exchange without bureaucratic manipulation. A digital pegged currency is likely the worst of both worlds, entirely traceable, and controlled at the same time.

Read the links posted.
 

genetic

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Push the E-Rand all you like , no way in hell will I use it to support to government in yet another ridiculous monetary movement.

Unless the government make the E-Rand a complete replacement for all other forms of payments it just makes no sense to even bother with it.

Again, another fool who didn't read the article.

Government isn't replacing the Rand. They're introducing a stablecoin as nearly every government is doing. It isn't replacing bitcoin. It's Rand in cryptocurrency form. There are no negatives, so calm your tits and do research for once. If you don't like it, don't use it.
 

Hamster

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But how is the euro not digital already is my point. Calling this new system a 'digital currency' is bull.
I get what you are saying since 99% of our transaction are digital, but we are digitally transacting physical currency.

If you have an item for sale and I want to buy it from you for R50 I can simply hand you a physical note. That note means you have a claim of R50 at the central bank. We didn't need a bank, Visa or MasterCard to make this exchange happen.

The downside is you have physical cash that can be stolen from your person, end up in the washing machine and worse of all: it costs you money to "digitise" it into your bank account to make it more useful.

So if the central bank offers this physical paper note as a digital currency the two of us can still transact and I can buy your item for R50 without getting banks etc involved.

Similarly government grants can be paid digitally so no more queue of people queuing at the Post Office.

Traveling to Europe: exchanging eZar for eEuro is easy (potentially).

Fewer cash in transit robberies (hopefully).

And no more getting away with VAT fraud etc because there is audit trail.

So to me at least it helps to think of all the benefits (cost, simplicity) that physical currency gives you but with the benefit of it being digital, instant and literally more secure (as long as you trust the government :p )
 

Hamster

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...and no more waiting three days over a weekend for Bankserv to clear an EFT transfer.
 

John Tempus

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Again, another fool who didn't read the article.

Government isn't replacing the Rand. They're introducing a stablecoin as nearly every government is doing. It isn't replacing bitcoin. It's Rand in cryptocurrency form. There are no negatives, so calm your tits and do research for once. If you don't like it, don't use it.

I think you are the fool who ignored what I wrote.

I made it clear that E-Rand is pointless if they do not make it a mandatory replacement. No one would have any practical incentive to use it over just regular electronic payments from bank.

I made this point clear because the article state it will not be a mandatory replacement of other forms of payments such as electronic payments / cash.

This will be a tender scam that will go absolutely nowhere after blowing billions on this "implementation" so yes there is big negatives and in practical use case no positives. They will enforce the exact same FX policies with this as they do with current electronic payments and still you do not see the stupidity in this idea other than another area to squeeze funds out of the tax coffer.

"Nearly every other government is doing." LMAO, good one. Other governments are also mostly functional, how about our government start there before doing what "nearly every other government is doing."
 

John Tempus

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...and no more waiting three days over a weekend for Bankserv to clear an EFT transfer.

Expect the same FX policies. The government isn't going to create a way to move your money out of the country faster. Not entirely clear how so many people can't see this for what it is, ANOTHER front to siphon billions from the tax payer.

"Similarly government grants can be paid digitally so no more queue of people queuing at the Post Office."

WTF man, the government can already do this with current electronic payments but they choose not to. It is obvious why they have the cashpoint withdrawal system implement to avoid an instant bank rand via echannels on the grant money. When they make grant payments they are EXPECTING everyone to not collect and use it immediately. If they actually offered everyone a debitcard and loaded the funds on that and allowed that debitcard to swipe anywhere it would be even better than any other form of electronic transfer to 10 different bank accounts never mind the current implementation of cashpoint withdrawals.
 

Swa

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Again, another fool who didn't read the article.

Government isn't replacing the Rand. They're introducing a stablecoin as nearly every government is doing. It isn't replacing bitcoin. It's Rand in cryptocurrency form. There are no negatives, so calm your tits and do research for once. If you don't like it, don't use it.
We just don't see the point.

I get what you are saying since 99% of our transaction are digital, but we are digitally transacting physical currency.

If you have an item for sale and I want to buy it from you for R50 I can simply hand you a physical note. That note means you have a claim of R50 at the central bank. We didn't need a bank, Visa or MasterCard to make this exchange happen.

The downside is you have physical cash that can be stolen from your person, end up in the washing machine and worse of all: it costs you money to "digitise" it into your bank account to make it more useful.

So if the central bank offers this physical paper note as a digital currency the two of us can still transact and I can buy your item for R50 without getting banks etc involved.

Similarly government grants can be paid digitally so no more queue of people queuing at the Post Office.

Traveling to Europe: exchanging eZar for eEuro is easy (potentially).

Fewer cash in transit robberies (hopefully).

And no more getting away with VAT fraud etc because there is audit trail.

So to me at least it helps to think of all the benefits (cost, simplicity) that physical currency gives you but with the benefit of it being digital, instant and literally more secure (as long as you trust the government :p )
Actually it's primarily digital. Very little of the money in existence is physical.
 
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