The post South Africa Central Bank Finds No Urgent Need for CBDC appeared on BitcoinEthereumNews.com. The South African Reserve Bank says it doesn’t see a need for a central bank digital currency in the near term, instead saying the country should modernize its payments system. The South African central bank said in a paper released on Thursday that there was no “strong immediate need” for a retail CBDC, though deploying one was technically feasible. It said that existing initiatives, such as a program to modernize the payments system and expand non-bank participation in the national payment system, should remain the priority for now. “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.” The central bank will shift its focus toward exploring wholesale CBDC applications and cross-border payment efficiency, while continuing to monitor retail CBDC developments, it stated.  Central bank issues crypto and stablecoin warning The research examined whether a retail CBDC would address gaps in South Africa’s payment system, revealing that challenges persist as roughly 16% of adults remain unbanked.  For a CBDC to succeed, it would need to match or exceed the benefits of cash, including offline functionality, universal acceptance, low costs, ease of use, and privacy features, it stated.  Related: South Africa’s central bank flags crypto, stablecoins as financial risk South Africa has turned against crypto recently, with a warning from its central bank about crypto and stablecoins.  In a report released earlier this week, the SARB flagged “crypto assets and stablecoins” as a new risk for technology-enabled financial innovation.  The bank also cautioned that crypto can be used to circumvent Exchange Control Regulations, which control the inflows and outflows of funds to South Africa. CBDC race continues across the globe Only three countries have officially launched a CBDC: Nigeria, Jamaica and… The post South Africa Central Bank Finds No Urgent Need for CBDC appeared on BitcoinEthereumNews.com. The South African Reserve Bank says it doesn’t see a need for a central bank digital currency in the near term, instead saying the country should modernize its payments system. The South African central bank said in a paper released on Thursday that there was no “strong immediate need” for a retail CBDC, though deploying one was technically feasible. It said that existing initiatives, such as a program to modernize the payments system and expand non-bank participation in the national payment system, should remain the priority for now. “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.” The central bank will shift its focus toward exploring wholesale CBDC applications and cross-border payment efficiency, while continuing to monitor retail CBDC developments, it stated.  Central bank issues crypto and stablecoin warning The research examined whether a retail CBDC would address gaps in South Africa’s payment system, revealing that challenges persist as roughly 16% of adults remain unbanked.  For a CBDC to succeed, it would need to match or exceed the benefits of cash, including offline functionality, universal acceptance, low costs, ease of use, and privacy features, it stated.  Related: South Africa’s central bank flags crypto, stablecoins as financial risk South Africa has turned against crypto recently, with a warning from its central bank about crypto and stablecoins.  In a report released earlier this week, the SARB flagged “crypto assets and stablecoins” as a new risk for technology-enabled financial innovation.  The bank also cautioned that crypto can be used to circumvent Exchange Control Regulations, which control the inflows and outflows of funds to South Africa. CBDC race continues across the globe Only three countries have officially launched a CBDC: Nigeria, Jamaica and…