The South African Reserve Bank rules out central bank digital currency, focusing instead on modernizing the payments system. A retail CBDC is technically feasible but not an immediate priority. The central bank will explore wholesale CBDC applications and monitor retail CBDC developments. South Africa issues warning on crypto and stablecoins, flagging them as new financial risks. The country has turned against crypto recently, with the central bank expressing concerns about technology-enabled financial innovation. South Africa cautions that crypto can be used to bypass Exchange Control Regulations. Only Nigeria, Jamaica, and The Bahamas have officially launched a CBDC, with 49 countries in pilot testing, 20 actively developing, and 36 researching a CBDC. The United States has shelved its CBDC plans under the previous administration.

Read more at Cointelegraph: South Africa Central Bank Finds No Urgent Need for CBDC