Status
RESEARCH
Program Snapshot
Current status fields and timeline data from the profile record.
Type
WHOLESALE
Program classification
Wallets
Not listed
Annual Volume
Not listed
Status and Timeline
| Field | Value |
|---|---|
| Announced | 2018-06-05 |
| Pilot start | Not listed |
| Launch | Not listed |
| Last verified | 2026-03-29 |
Availability
- Retail
- none
- Wholesale
- research
Central Bank
South African Reserve Bank
Technical Profile
| Attribute | Value |
|---|---|
| Type | Wholesale |
| Architecture | two-tier |
| Access model | token based |
| Technology base | dlt |
| Legal tender | none |
Capabilities
offline payments: No
programmability: Yes
cross border: Yes
interest bearing: No
transaction limits: Yes
Cross-Border Projects
No cross-border project entries are listed for this profile.
Recent Updates
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: Mar 29, 2026
Frequently Asked Questions
Does South Africa have a CBDC?
According to listed sources, South Africa is developing South Africa Digital Rand, currently in research phase.
What is the current status of South Africa's CBDC?
South Africa Digital Rand is in research phase as of 2026-03-29.
When did South Africa start CBDC pilot activity?
No pilot start date is listed for this program.
How many users or wallets are reported for South Africa's CBDC?
Wallet metrics are not listed in the current dataset.
Is South Africa's CBDC retail, wholesale, or hybrid?
South Africa Digital Rand is categorized as wholesale.
Which institution manages South Africa Digital Rand?
South Africa Digital Rand is managed by South African Reserve Bank.
Related CBDCs
Sources
Sources
Last verified: 2026-03-29
South African Reserve Bank
central bank
SARB Position Paper on the Necessity of a Retail CBDC in South Africa
central bank
SARB Retail CBDC Position Paper (PDF)
central bank
South Africa's SARB: No Current Need for Retail CBDC, Pivots to Wholesale
news
SARB Study Rules Out Launch of Digital Currency - SA News
news
Project Khokha - South African Reserve Bank
central bank
Project Khokha 2 - South African Reserve Bank
central bank