South Africa Central Bank Shelves Retail CBDC, Backs Payments Upgrade Instead

South Africa’s central bank has cooled expectations for a retail central bank digital currency, saying the country does not face an urgent need to launch one and should focus instead on upgrading the existing payments system. Key Takeaways: South Africa’s central bank says a retail CBDC is not needed now and is prioritizing payments system upgrades instead. The SARB will focus on wholesale digital currency uses and improving cross-border payments. Officials also warned that crypto and stablecoins pos ...