Deployments · platform by Accenture
SARB Project Khokha 2 (tokenised debentures and wholesale CBDC)New
A South African Reserve Bank proof of concept, launched in February 2021 under the Intergovernmental Fintech Working Group, that issued SARB debentures as tokens and settled them two ways: in wholesale CBDC in the primary market and in a bank-issued settlement token (wToken) in the secondary market. It linked two ledgers, a SARB-run wCBDC Zone on R3 Corda and a Khokha Hub trading platform on BitFair (Cosmos), with a software bridge. Absa, FirstRand, Nedbank, Standard Bank and the JSE took part; Accenture and Block Markets Africa built it and Deloitte supported. The report was published on 6 April 2022. No live service followed.
Inactive · concluded as planned since 6 Apr 2022[1] — A test that ended with its April 2022 report; it reached proof of concept and never became a live service. · Reviewed 17d ago
- Assets
- [1]Wholesale CBDC token issued by the SARB (test)[1]wToken: a commercial-bank settlement token, not a SARB liability, which the report says could be defined as a stablecoin (test)
- Networks
- Jurisdictions
- South Africa
Participants
- South African Reserve BankOperator, Issuer[1]South Africa
- AccenturePlatform provider, Technology provider[1]Ireland
- Block Markets AfricaPlatform provider, Technology provider[1]South Africa
- DeloitteLegal or professional adviser[1]United Kingdom
- Absa GroupCounterparty[1]South Africa
- FirstRandCounterparty[1]South Africa
- NedbankCounterparty[1]South Africa
- Standard Bank GroupCounterparty[1]South Africa
- JSE LimitedCounterparty[1]South Africa
Timeline
- Happened 6 Apr 2022 · Announcement · recorded 18 Oct 2026The SARB publishes the Project Khokha 2 report, setting out the multi-ledger debenture market and the two settlement options tested.[1]
- Happened 6 Apr 2022 · Retired · recorded 22 Oct 2026The project closes with its report; no follow-on test of the same set-up has been found.[1]
- Happened Feb 2021 (month only) · Launch · recorded 18 Oct 2026The SARB formally launches Project Khokha 2 as an IFWG innovation project.[1]
Sources
- [1]Project Khokha 2 Summary Report, 6 April 2022 — South African Reserve Bank, 6 Apr 2022. Accessed 18 Oct 2026.A
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