South Africa shelves retail CBDC plans as central bank focuses on wholesale use cases

Contributing sentiments towards policy:

52% : The central bank and National Treasury are already working on new regulations to bring crypto assets and cross-border transactions under formal oversight.
48% : But South Africa, where stablecoin trading volumes soared to nearly 80 billion rand, about $4.6 billion, by October, up from less than 4 billion rand in 2022, could be exposing its financial system to significant risks if this market goes unchecked, according to the SARB. As previously reported by crypto.news, earlier in the week, the SARB published a separate warning that stablecoin and crypto use present significant risks to the country's financial sector, which currently lacks a well-defined regulatory framework to manage their rapid growth and cross-border nature.
44% : Still, there remains no singular regulatory framework that ties together the various oversight efforts, leaving a fragmented environment as the crypto landscape expands across the country.

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