The SA Reserve Bank has commenced an investigation into the feasibility of a central bank digital currency (CBDC) that could be used as legal tender for general retail purposes as a complement to cash.

A growing number of central banks are looking into the feasibility of cryptocurrencies as they soar in popularity, even amid extreme market volatility that saw bitcoin surge to above $62,000 in early April before falling to below $38,000 on Tuesday. US Federal Reserve governor Lael Brainard said on Monday that a cryptocurrency backed by the US central bank could provide benefits, including improving efficiencies in cross-border transactions...

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