Khokha
ResearchSouth Africa
Central Bank(s)
South African Reserve Bank
Announcement Year
2019
Status
Research
Retail/Wholesale
Wholesale
Structure
Token
Technology
Quorum
DLT / non-DLT
DLT
Project Khokha was launched to assess the performance, scalability, privacy, resilience and finality of a DLT solution under conditions as realistic as possible to those in the banking sector.
In March 2019, before the feasibility project Khokha was announced, SARB invited bids from private companies to develop CBDC infrastructure. According to the BIS Quarterly Review, "the scope of this project is specific to the use of a CBDC as electronic legal tender (ELT), similar to the characteristics of, and complementary to, cash." In planning its potential CBDC, South Africa will likely weigh security heavily, according to South Africa's Ombudsman for Banking Services, Reana Steyn, who says "internet banking fraud continues to be the most prevalent complaint made by South African banking customers."
Link to announcement
Last update: April 2022
April 2022
Pilot → Research
Link to announcement: www.resbank.co.za
February 2021
Proof of concept → Pilot
December 2019
Research → Proof of concept
Description: In March 2019, before the feasibility project Khokha was announced, SARB invited bids from private companies to develop CBDC infrastructure. According to the BIS Quarterly Review, "the scope of this project is specific to the use of a CBDC as electronic legal tender (ELT), similar to the characteristics of, and complementary to, cash." In planning its potential CBDC, South Africa will likely weigh security heavily, according to South Africa's Ombudsman for Banking Services, Reana Steyn, who says "internet banking fraud continues to be the most prevalent complaint made by South African banking customers."
Main motivation/goals of the CBDC: Project Khokha was launched to assess the performance, scalability, privacy, resilience and finality of a DLT solution under conditions as realistic as possible to those in the banking sector.
Link to announcement: www.ifwg.co.zawww.centralbanking.comwww.ifwg.co.zawww.theglobaltreasurer.comwww.bis.orgwww.globalgovernmentforum.com
Announcement Year: 2016 → 2019
February 2016
None → Research
Announcement Year: 2016
Retail/Wholesale: Wholesale
Structure: Token
Technology: Quorum
DLT / non-DLT: DLT
Country / Region: South Africa
Central Bank(s): South African Reserve Bank
No recent news found for this currency.