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SA to participate in BIS central bank digital currency experiment

Codenamed ‘Project Dunbar,’ the study aims to develop prototypes for a common platform that will enable international settlement in digital fiat currencies issued by central banks, BIS said.
Image: Bloomberg

The Bank for International Settlements will test the use of central bank digital currencies with Australia, Malaysia, Singapore and South Africa in an experiment that could lead to a more efficient global payments platform.

Codenamed “Project Dunbar,” the study aims to develop prototypes for a common platform that will enable international settlement in digital fiat currencies issued by central banks, BIS said in a release Thursday. The system would allow direct transactions in central bank digital currencies, or CBDCs, between institutions, while reducing time and cost, according to BIS.

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Globally, central banks are trying to come to terms with emerging payment technologies pioneered by tech firms including China’s Ant Group Co. Additionally, Facebook’s Diem project, formerly known as Libra, is building out a global payments network that could service its own stablecoin or central bank digital currencies.

The rapid growth of cryptocurrencies — which are distinct from digital currencies issued by central banks — is posing a potential threat to existing monetary regimes and adding urgency to debates on handling cross-border money transfers.

“We are confident that our work on multi-CBDCs for international settlements will break new ground in this next stage of CBDC experimentation and lay the foundation for global payments connectivity,” said Andrew McCormack, head of the BIS Innovation Hub Singapore Centre.

Results of the study are likely to be published early next year, BIS said.

© 2021 Bloomberg

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In SA crypto must just be treated like a foreign asset. The rands you use is from your foreign allowance and once bought South Africans can Transact in crypto like the rest of the real world where DeFi etc. exists. Tax is declared and paid as with any other foreign asset.

You cant try and use crypto properly with exchange controls and a SARB that’s half asleep in the middle of transactions.

If crypto is foreign nobody has to worry.

@SARB – please dont use the Ethereum protocol/blockchain… high gas fees

I don’t support any other crypto besides Bitcoin, the rest of them especially ETH and Tether act like a central bank that control the supply of money at any given point in time.

It’s great to see new digital currencies, however me thinks that the world will dedollarise and hopefully the IMF will issue a new clearing currencies that cannot be increased, Then we will see real currency wars.

Once all transactions are recorded for posterity there will be nowhere to run for tax dodgers and money launderers unless they have a pass into the ruling classroom. The elite will control and be able to know everything about everyone. They will invite other elites into their classroom according to status and influence, hotel California rules will apply. The little people will be made to do as they told or else early retirement which will be an end to all worries. Sort of like it is now but a thousand times worse.

Digital currency

“Oh, you don’t want the jab, we gonna deactivate your digital wallet.”

Welcome to 1984.

End of comments.

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