SARB Deputy Cassim Backs Payshap Over Digital Rand, Citing System Tradeoffs

According to Daily Investor, SARB Deputy Governor Rashad Cassim recently said the central bank is pausing its digital rand rollout to prioritize infrastructure upgrades via Payshap and Payinc. Cassim cited significant design tradeoffs between transaction privacy and clearing efficiency, as well as legal and technical hurdles with decentralized ledger technology (DLT). Instead of a central bank digital currency, the Reserve Bank will focus on modernizing the "plumbing of the financial system" to deliver fast, simple, and secure real-time payments for all South Africans, Cassim said.
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