CBDC rollout slows as countries hit pause, reevaluate risks

The Ghana Gold Board is advocating for the adoption of blockchain technology to enhance the tracking of gold movements globally. This initiative aims to improve transparency and efficiency in the gold supply chain, reflecting a growing interest in integrating blockchain within traditional industries.

South Africa's central bank has decided to pause its plans for a retail central bank digital currency (CBDC), citing a lack of immediate necessity. The South African Reserve Bank (SARB) has published a position paper assessing the viability of a CBDC, indicating a focus on wholesale use cases instead.

The South African Reserve Bank (SARB) has categorized cryptocurrencies and stablecoins as a monitored risk, citing concerns over financial stability due to regulatory gaps and increasing trading volumes. This classification reflects the bank's apprehension regarding the potential impact of these digital assets on the financial system.

The South African Reserve Bank (SARB) has determined that there is no strong immediate need for a retail central bank digital currency (CBDC), suggesting that the focus should shift towards exploring wholesale or cross-border applications instead. This decision follows a comprehensive assessment of the viability of a CBDC in the country.