Standard Bank Skeptical of Crypto Assets, Sees Value in CBDCs

Africa’s biggest bank is “skeptical” about the value of privately-generated crypto assets, saying the coins present a risk to lenders as they can make it easier to hide or launder money.

• Standard Bank Group Ltd. Chief Executive Sim Tshabalala expressed “qualified support” for Central Bank Digital Currencies (CBDCs)
  • “Retail CBDCs could serve a social purpose, particularly by increasing participation in the formal financial system, and by reducing tax evasion and other forms of financial crime,” Tshabalala said.
  • Wholesale CBDCs “exploit the self-verifying properties of Blockchain to simplify inter-bank clearing,” Tshabalala said at the Standard Bank African Central Bank Conference.
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