The South African Reserve Bank has taken a step closer to creating a national digital currency. This is after it took the wraps last week off the second phase of Project Khokha.
Reserve Bank has taken a step closer to creating a national digital currency. This is after it took the wraps last week off the second phase of Project Khokha.
Using a distributed ledger, which is a digital record of transactions and contracts held in a decentralised form across various locations, Project Khokha 2, or PK2, will explore the use of tokenised money, blockchains and digital currency in South Africa.The project is being driven by the Reserve Bank with active participation by the big banks, including Absa, FirstRand, Nedbank and Standard Bank, as well as the JSE.
One of the main objectives of PK2 is to develop a wCBDC and a wholesale digital settlement token . The wCBDC will serve as an alternative form of central bank money, like money in reserve and settlement accounts with the central bank.While working on the new phase for Project Khokha, the technical teams had the freedom to reimagine the current debentures market and design for DLTs.
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