Central Bank’s Surprising Digital Money Plot Twist 😲

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If you were hoping South Africa would leap boldly into the shimmering future of state-issued digital money, the South African Reserve Bank (SARB) would like to politely hand you a cup of tea and ask you to calm down. According to its latest paper, there’s simply no “strong immediate need” for a central bank digital currency (CBDC). In other words: not today, financial adventurers, not today. 😌

SARB explained that, yes, a CBDC is technically feasible-much like training a penguin to commute by bus-but for the moment, they’d rather focus on the far less glamorous task of modernizing the payments system. Apparently, this must come first. Priorities, people.

“While the SARB does not currently advocate for the implementation of a retail CBDC, it will continue to monitor developments and will remain prepared to act should the need arise.”

Translation: “We’re watching. We have spreadsheets. Do not panic.” Instead, the bank is pivoting toward exploring wholesale CBDC uses and boosting efficiency in cross-border payments-because nothing says excitement like international transaction plumbing. 💸

Central bank issues crypto and stablecoin warning

The SARB’s research also asked the big question: Could a retail CBDC fix gaps in South Africa’s payment system? Unfortunately, with about 16% of adults still unbanked, the answer was a resounding “eh… not really.”

And if a CBDC ever did launch, it would need to be every bit as lovable as cash-meaning offline functionality, universal acceptance, low costs, simple usability, and enough privacy that your grocery store snacks remain your own little secret. 😏

South Africa has also been giving crypto the side-eye lately. Earlier this week, the SARB issued a report warning that “crypto assets and stablecoins” pose new risks to tech-enabled finance-because nothing keeps central bankers up at night like teenagers trading memecoins.

They also cautioned that crypto can help people sneak around Exchange Control Regulations, which are supposed to keep money from sashaying in and out of the country without permission. 🚧

CBDC race continues across the globe

Worldwide, the CBDC party is… sparsely attended. Only three nations-Nigeria, Jamaica, and The Bahamas-have fully launched one, according to the Atlantic Council CBDC Tracker.

Around the world: 49 are in pilot programs, 20 are building their digital currencies, and 36 are still in the “research and daydreaming” stage. Meanwhile, the United States shelved its plans under the Trump administration, presumably placing them in the same drawer as unfinished crossword puzzles and forgotten gym memberships.

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2025-11-28 07:16