S.African central bank eyes digital rand to cut cross-border payment costs

18/5/2022 8:28:00 PM

Fintech: S.African central bank eyes digital rand to cut cross-border payment costs - Reuters

Fintech: S.African central bank eyes digital rand to cut cross-border payment costs - Reuters

LONDON/JOHANNESBURG (May 18): A digital rand in South Africa could cut the high cost of cross-border payments for banks but its introduction is still a few years away, a senior central bank official said.However, regulation of crypto assets is in the offing and might come into force within nine to 15 months, South African Reserve Bank (SARB) Deputy Governor Kuben Naidoo told Reuters in an interview.It costs 13% of a transaction to remit money from South Africa to another country,

A LONDON/JOHANNESBURG (May 18): A digital rand in South Africa could cut the high cost of cross-border payments for banks but its introduction is still a few years away, a senior central bank official said.Photo: Handout One of the busiest TV personalities in the Korean entertainment scene right now, singer and rapper Jessi has finally returned as a musician with her new single Zoom.× Copy URL Yang di-Pertua Negeri Sarawak Abdul Taib Mahmud (top, third from left) says the safety of Sarawak folk and secure borders are important for the sovereignty of the country.A DALLAS (May 17): Walmart Inc fell the most in two years after cutting its profit outlook due to inflationary pressures, especially in food and fuel.

However, regulation of crypto assets is in the offing and might come into force within nine to 15 months, South African Reserve Bank (SARB) Deputy Governor Kuben Naidoo told Reuters in an interview.It costs 13% of a transaction to remit money from South Africa to another country, more than double the average of the Group of 20 (G20) leading global economies, according to a 2021 World Bank report.Returning after six months with a new song, Jessi said: “I feel like it’s been much longer, but in terms of promoting my songs, it’s been around a year since What Type Of X The Korean American rapper’s first release of 2022, Zoom is a trap hip-hop tune that draws on the reality of people obsessing over capturing every moment on camera.Sending money to South Africa costs 6.His call comes on the heels of the cancellation of a proposed RM300 million immigration, customs, quarantine and security complex in Tebedu and illegal immigrants slipping into the state through land borders.2%.It took around two days to finish producing it,” she said, adding, “It’s a feel-good song, just as with all my other songs, and this one also comes with several parts that will make you hum along.Some countries are planning to introduce e-versions of traditional currency, known as central bank digital currencies (CBDCs) and are studying how the underlying technology could be used.48 average of analyst estimates compiled by Bloomberg.

China's digital yuan project is the most advanced among large economies, though central banks from the euro zone to the United States are in varying stages of research into CBDCs.“We all use smartphones these days, and the lyrics portray such reality that, with the advancement of technology, we’re now unable to live without cellphones.Last year, Nigeria's central bank introduced an eNaira for use by ordinary citizens.South Africa has conducted small-scale experiments with a wholesale CBDC and participated in a cross-border pilot with the central banks of Malaysia, Australia and Singapore.It will be relatable,” Jessi said about the song’s message.The next stage is for regulators to test the digital rand at a bigger scale and develop rules for its use."We're still learning, we're still experimenting," Naidoo said.But now, it leads me to several thoughts,” Jessi said.“We’re adjusting and will balance the needs of our customers for value with the need to deliver profit growth for our future.

Meanwhile, Naidoo said the South African Reserve Bank wants regulation of crypto assets to prevent theft, money laundering and undermining of monetary policy and hopes it will be in place in the next 15 months."If crypto assets were to become a very ubiquitous currency, you could undermine the authority of the central bank," he said.“But when I’m actually away from it, I suddenly want the attention back on me.Subscribe to Mid-day email alert We deliver news to your inbox daily.

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