South Africa Digital Rand
South African Reserve Bank
Status
Architecture
Cross-Border Projects
No cross-border projects reported.
Capabilities
Frequently Asked Questions
Does South Africa have a CBDC?
Yes, South Africa is developing South Africa Digital Rand, currently in research phase.
What is the status of South Africa's CBDC?
South Africa Digital Rand is in research phase as of 2026-02-18. The central bank is conducting research and feasibility studies.
When did South Africa launch its CBDC pilot?
No pilot launch date has been announced yet. The project is currently in research phase.
How many people use South Africa's CBDC?
User and wallet metrics are not publicly available at this time.
Is South Africa's CBDC retail or wholesale?
South Africa Digital Rand is a wholesale CBDC designed for interbank settlements and large-value transactions.
Which central bank manages South Africa Digital Rand?
South Africa Digital Rand is managed by South African Reserve Bank.
Recent Developments
According to the South African Reserve Bank (SARB), Project Khokha has evolved through multiple phases since 2018. Phase 1 (2018-2020) and Phase 2 (2021-2022) explored wholesale CBDC using DLT for settlement. On November 27, 2025, SARB published a Position Paper concluding there is no compelling immediate need for a retail CBDC, though technically feasible. The bank is pivoting focus to wholesale CBDC applications through Project Khokha 2x, exploring financial market innovation, cross-border payment efficiency, and systemic resilience. SARB is also progressing bank-issued stablecoins for regional African payments as part of its Digital Payments Roadmap.
Updated: 2/18/2026