Central banks of South Africa and Indonesia began to study government cryptocurrencies – Bits Media

The Reserve Bank of South Africa and the Central Bank of Indonesia began to study the possibility of launching their own digital currencies to make retail payments.

Central Bank of South Africa reported, that began to study the technical potential of state cryptocurrencies and their economic feasibility in general. The regulator will focus on that, As a possible launch of a digital South African Randa will affect the country's economy and the strategy of its development in general.

The initiative will include practical experiments with the participation of several technological platforms. The Central Bank will conduct research on state stablecoin before 2022 year, along with the Khokha pilot project, launched in June 2018 of the year. Khokha is an interbank payment system, Using private blockchain Quorum. At the same time, the Central Bank noted, that current studies do not mean a willingness to launch its own digital currency in the future.

Meanwhile, Manager of the Central Bank of Indonesia Perry Vardigio (Perry Warjiyo) announced the readiness to launch digital rupees to accelerate payments. The Central Bank of Indonesia evaluates, What technology is best for creating digital currency, which will become a legalized payment tool along with ordinary money.

During Pandemia in Indonesia, the number of online transaction increased. Therefore, after the appearance of digital rupees, The population of Indonesia should not have difficulties with the transition to state cryptocurrency. However, the Central Bank does not yet have an exact schedule for its launch.

Note, that in terms of development of state cryptocurrencies in front of many countries there is China. The People’s Bank of China has already tested digital yuan several times in different cities, And now he is approaching his official launch.