Reserve Bank testing new payment system in South Africa – launching this year

[BusinessTech]

Reserve Bank testing new payment system in South Africa – launching this year

The South African Reserve Bank (SARB) has announced the testing of a new method of dealing with digital transactions - without a bank account.

 

[Praemon]

Much needed. Hopefully it's launched soon.

Edit: Apparently, it's launching March. Article should probably have mentioned that.

 

[Slowestclock]

CBCD?

 

[backstreetboy]

People have money?

 

[rvZA]

Trying to jump free the affects of the upcoming hyperinflation?

In any event, no payment method will work against hyperinflation. Money cannot be created digitally, as little as it can grow on trees.

 

[backstreetboy]

Trying to jump free the affects of the upcoming hyperinflation?

In any event, no payment method will work against hyperinflation. Money cannot be created digitally, as little as it can grow on trees.

Bitcoin - Wikipedia

en.wikipedia.org

 

[neoprema]

Does it auto-skim off the top for the MP's or are their bribes paid quarterly?

 

[konfab]

How much will this cost?

But yes, this type of thing is a game changer for SA. Farmworkers for example don't usually have bank accounts, which means that a farm can pay their workers without needing to withdraw large volumes of cash.

 

[rvZA]

Bitcoin - Wikipedia

en.wikipedia.org

Yes, you are right using BC as sample. Most businesses will not accept it as a form of payment eventually. Basically the same as Fiat currency when trust is lost in the currency.