The rand has been legal tender in South Africa since , when it replaced the pound. In the mandate of the SARB was expanded to include price stability maintenance, one of its main functions remains ensuring a sufficient supply of trusted banknotes and coin. Both are subsidiaries of the SARB. It also contains provisions relating to the mutilation, reproduction and counterfeiting of South African banknotes and coin.
The interactive features of the app illustrate how to authenticate banknotes and coin, while various animations cover a range of fascinating topics to help users tackle big questions about the economy and currency-related issues. The multi-levelled mini-game, ZAR Mania, simulates a macroeconomic effect, on both a business and cash-handling level, while dealing with transactions. The easy to navigate, relevant and engaging content of the SARB Currency App brings the right balance of excitement and learning to its users.
Security features. This is done to ensure continued relevance of the design and to incorporate technological advances, ensuring trust is maintained in the currency. A number of design objectives are considered when designing and developing new banknotes and coin that:. The SARB forecasts and calculates annually the volume of banknotes and coin needed to meet public demand.
The production and technical teams decide on the technical, quality and security features of the banknotes and coin. It is responsible for the bulk issuance and distribution of banknotes and coin and for meeting public demand for cash. The Currency Management Department is responsible for managing and overseeing the cash supply chain, from planning, distribution and issuance, to destruction of cash. Printed banknotes are transported from the subsidiary to cash centres for issuance to commercial banks.
Commercial banks hold sufficient banknotes and make them available at their branches and automated teller machines ATMs , where they can be withdrawn and used for transactions by the public. The objective of the study is to investigate if it would be feasible, appropriate and desirable for the SARB to issue a CBDC to be used for retail purposes, complementary to cash in South Africa. The outcome of the feasibility study will reveal the desirability and appropriateness of issuing a CBDC in South Africa.
Cash has a physical presence, whereas a CBDC is available exclusively in digital format. The digital nature of a CBDC unlocks potential benefits related to usability for consumers and merchants, safety and security, and traceability of transactions without infringing on privacy rights. CBDC payments and remittances can be made remotely, which is harder to do with cash. Crypto assets are privately issued i.
Crypto assets such as Bitcoin are susceptible to large price fluctuations, generally making them less predictable and therefore less suitable as a stable medium of exchange. In short, if a CBDC is guaranteed by the issuing central bank, it would be as safe as cash and would have minimal or no counterparty risk.
When money is held in a commercial bank account in a digital form, it represents an amount owed to you by that bank; in other words, it is a claim that you have against the bank. It can typically be withdrawn in its physical form, but only if the bank is solvent. A CBDC, on the other hand, is backed by the central bank and is a liability on the central bank balance sheet, similar to cash. By contrast, a wholesale CBDC is typically available only to financial institutions for high value transactions.
In addition to these core principles, the following attributes of a CBDC should be addressed in its design:. The CBDC feasibility study will examine two types of deployment models, typically considered globally. These can be summarised as:. The CBDC feasibility study is expected to examine the advantages and disadvantages of both models. A ledger is basically a record system.
DLT is a secure digital system for recording the transacting of assets such as CBDC in which the transactions and their details are recorded in multiple places simultaneously. This approach offers benefits in terms of resilience less exposure to a central database failure , as well as safety and integrity through validation of transactions by multiple stakeholders.
Blockchain technology is used to facilitate a shared, distributed and immutable ledger. The name comes from the way transactions are grouped into blocks, verified, processed and stored in a sequence chain that is electronically verifiable, which makes it indisputable. DLT can be seen as a family of technologies, ranging from distributed databases to tokenisation, while blockchain is one type of this technology. There is no fixed rule regarding the technology used to implement a CBDC.
It is more important that the requirements and design attributes are understood before selecting a technology that solves these needs. Should a CBDC be issued, the most likely scenario is that it would exist alongside cash, so that people can decide whether they want to use cash, the CBDC, commercial bank money, or some combination of these.
Therefore, much the same as physical cash co-exists with money in your bank account, and can be transferred from one form of money to another, a CBDC would provide another option with its own unique qualities. A digital wallet can be described as a container i. Potential consumer devices include chip-embedded cards, smartphones, and a number of emerging dedicated devices incorporating additional security features such as biometric readers or PIN codes.
Digital wallets typically include technologies to interface with point-of-sale devices, such as QR code scanners, near-field communications and other wireless communication technologies, thereby providing a secure means of transacting and transferring value between consumers and businesses.
No; according to a recently published BIS survey, [1] the year saw an official launch of a retail CBDC in the Bahamas; it is likely that more will be rolled out soon. Most central banks are exploring the case for CBDCs. Overall, the survey indicates a continuous move from purely conceptual research to experimentation and pilot projects. Yet despite these developments, a widespread roll-out of CBDCs still seems some way off.
The study topics include:. The CBDC feasibility study will consider potential risks and unintended consequences and how these would need to be mitigated. Some of these are:. A retail CBDC is not intended to displace or compete with other payment instruments. Rather, it is a potential additional payment instrument with specific attributes and characteristics that make it attractive for certain uses.
All South African banknotes are printed on cotton substrate and can be differentiated from one another by considering the dominant colour, animal theme and size.
To see these past banknotes, please see The history of banknotes and coin in South Africa. The minting of the 1c, 2c and 5c having been discontinued. Losses narrow at Ted Baker as shoppers return to stores New Indian owners of iconic British motorcycle brand Burberry to open 50 new stores targeting higher spenders Ferrari BR20 is a one-off creation inspired by s cars High Street sales help WH Smith to overcome losses from Taylor Wimpey shrugs off supply chain crisis as booming Kia to go electric by Korean car maker is the Property drought keeps pushing up house prices - as three Crisis-hit Chinese property giant Evergrande on brink of Hartlepool can be a northern powerhouse with a Rise in cost of living in US fastest for 30 years as Comments 0 Share what you think.
Click the more button to email us. Read more: What Berlin's flea markets say about the city. A large number of these are most likely in coins lost behind sofas and small bank notes kept as momentoes and not really worth a trip to the bank.
But there remain, no doubt, a considerable number of mini-treasure troves like this one discovered in north Germany. And time may be running out to cash in these hoards. Some other eurozone countries no longer allow exchanges to euros at all: French francs, Italian lire and Greek drachma are all worthless in It is unclear whether the current situation in Germany will or can continue indefinitely. Nevertheless, if you make a discovery like this, it's certainly not worth wasting any time before heading down to the German central bank.
The exchange rate is fixed, but the period has never been specified and could one day end. Each evening at UTC, DW's editors send out a selection of the day's hard news and quality feature journalism.
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