E-Rand prototype in testing

[Hanno Labuschagne]

E-Rand prototype in testing

Several central banks and the Bank for International Settlements have developed prototypes for a common digital currencies platform that has the potential to make cross-border payments more efficient.

The two prototypes demonstrate the technical viability of such a platform, the BIS said in a statement Tuesday with the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank.

Codenamed “Project Dunbar,” the development also proves that financial institutions could use central bank digital currencies to transact directly with one another on a shared platform, reducing the need for intermediaries and cutting costs and time.

[Bloomberg]

 

[DapperDanMan]

Prognosis:

 

[John Tempus]

LOL, the scam just goes deeper.

E-Rand is no different to current Digital Rands. Why the fk do these governmens waste money on doing the same thing over or is it just another way to more easily manipulate numbers bigger when needed ?

We seriously live in the twilight zone.

 

[Jet-Fighter7700]

another ANC slush fund, now with more Digital!

 

[Corelli]

I dont think this is the government but more likely some get rich quick developer. We have seen so many digital currencies pop up in the name of the country's currency, hope there is some buy in as they wouldve already mined themself huge amount of this currency, and if there is a buy in, then they will be rich

 

[charlieharper]

Laundromats innit.

 

[Nod]

Time to read up on CBDC (Central Bank Digital Currency).

 

[LCBXX]

"We noticed that you said something negative about the ANC government. Access to your money has been restricted for 14-days."

 

[Napalm2880]

I dont think this is the government but more likely some get rich quick developer. We have seen so many digital currencies pop up in the name of the country's currency, hope there is some buy in as they wouldve already mined themself huge amount of this currency, and if there is a buy in, then they will be rich

No this is definitely government.

The reality is that it is very expensive for governments to print and move cash and for this reason, governments have mostly moved to their payments systems to digital already.

The advantage of CBDC is that it gives more control over a digital currency and money flows within the economy can be easily tracked (for tax, and a few other reasons).

The main drivers for CBDC are the bureucrats at the regulators justifying their existance - and it's very bad for them when there are payments systems (like Bitcoin) that fall outside of their control.

 

[Herr der Verboten]

e-done

 

[mercurial]

e-con disguised as e-conomy

 

[Y'all Qaeda]

The piggies will be lining their pockets with a good ol' pump and dump.

 

[neoprema]

When running out of actual cash because you stole it, remember that you can also invent and spend invisible cash.

 

[Crowley]

We don't need prototypes in the East Rand.

 

[MrGray]

Beware, CBDCs are not the same as cryptocurrency. While they might use blockchain tech, they are obviously centralised, and subject to the whim of whoever creates the platform.

Already, there has been scary talk of how these can be used to "ring-fence" and limit what money might be used for, if CBDCs are extended to the general population as legal tender - e.g. government could place a restriction on how much of your salary paid in E-Rands could be spent on entertainment, alcohol and junk food. You might get paid E-Rands that can only buy groceries, or E-Rands that can only pay for limited amounts of travel etc etc. And of course, every single transaction would be an open book to govt.

 

[pinball wizard]

The East Rand is just fine, we don't need no proto-whatever.

 

[pinball wizard]

“Project Dunbar,”

far too colonial sounding.

 

[Jet-Fighter7700]

surprised the ANC didn't decide to call their currency ANC bucks,
or go full idiocracy and print bills that look like this: