The SA Reserve Bank confirmed on Tuesday that its research into launching a "digital rand" should be completed next year. If launched, the digital rand will be backed by the central bank and it is expected that one digital rand will be equal to one real-life rand. But unlike the physical currency, the digital currency won’t be issued as notes or coins. The digital rand is expected to be "complementary to cash", according to the Reserve Bank statement on Tuesday. But the South African Reserve Bank says it has not yet made a decision to issue a retail digital currency.

Source: News 24 May 25, 2021 11:15 UTC