South Africa has taken a step closer to a CBDC, with a proof-of-concept highlighting the implications that DLT would have on the financial markets.
South Africa has taken another step closer to implementing its central bank digital currency as the South African Reserve Bank concludes a technical proof-of-concept for the project.
This second phase, PK2 was launched in February 2021 and tested DLT with clearing, trading and settlement within the proof-of-concept environment with industry participants Absa, FirstRand, JSE Limited, Nedbank and Standard Bank who form the Intergovernmental Fintech Working Group . The proof-of-concept developed two DLT platforms, one which served as a decentralized trading platform and the other which managed the CBDC.
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