Focus Keyphrase: History of South Africa Digital Rand
📝 Intro
The history of South Africa’s Digital Rand began with Project Khokha, a blockchain-based experiment aimed at streamlining interbank settlements. Now, the digital Rand could become one of the continent’s most robust CBDCs.
🇿🇦 What Is the Digital Rand?
- A CBDC (Central Bank Digital Currency)
- Issued by the South African Reserve Bank (SARB)
- Initially tested for wholesale payments (bank-to-bank)
Project Khokha used Ethereum-based blockchain in 2018 and was later upgraded to Project Khokha 2.
🧪 Key Features
- Real-time gross settlement (RTGS) via digital tokens
- Multi-asset settlement — integrating government bonds and CBDCs
- High throughput: 70,000 transactions per second tested
🔍 Retail CBDC Under Review
SARB is also researching retail CBDCs — meaning individual citizens could one day hold and transact digital Rand.
As of 2024, it remains in feasibility study.
💡 Did You Know?
South Africa’s digital rand test is one of the fastest blockchain payment systems ever piloted by a central bank.
❓ FAQs
Q1: Can I use digital Rand as a consumer?
A: Not yet. Project Khokha focused on banks, but retail use is being explored.
Q2: Will it replace cash?
A: No — it’s designed to coexist with cash and bank services.