South Africa Bank: Blockchain Could Snatch 40% of Banking Revenue
A Blockchain research arm of a bank in South Africa has said the technology could take up to 40% of banks’ revenue if it becomes a global standard. South Africa ‘Will End Up with a Blockchain’. Speaking at the Gordon Institute of Business Science Wednesday, Rand Merchant Bank’s (RMB) Farzam Ehsani said that blockchain “calls institutions to a new....
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One of South Africa's largest banks has joined the global blockchain consortium led by R3CEV. Absa Bank, a subsidiary of Barclays Africa, announced today that it would be joining the 40-plus consortium, which includes a range of banks and non-bank financial institutions worldwide. Recent participants have included Chinese bank Ping An and the financial arm of automaker Toyota. The partnership is said to include an effort to develop a broader working group within South Africa focused on regional distributed ledger networks, with the goal of creating "the continent’s first distributed....
South Africa's central bank, its central securities depository (CSD) and several of its largest banks came together yesterday to chart a course toward large-scale blockchain implementation. Held in Johannesburg, South Africa, the meeting saw members of the blockchain working group elect a chairman, secretariat and set strategic objectives for the year ahead. Collectively, the participants in the working group comprise nearly every participant necessary to build and implement real blockchain products. Yet, even more remarkable is the outlook of some of the participants. Monica Singer, CEO....
Blockchain technology proponents are staking claims in Africa, paying special attention to banks. Six African banking institutions are making sure financial tech doesn’t disrupt their businesses by working together to connect their systems with distributed ledgers. Absa & Barclays Africa Testing Multiple Platforms Across the South African Region. One....
An international tax expert, David Lesperance, says South Africa’s revenue collector is closing in on cryptocurrencies, and holders of these assets need to take the initiative and approach South Africa Revenue Services (SARS) before it descends on them. Lesperance argues that by making the first move, cryptocurrency investors will be able to avoid the punitive penalties that SARS often imposes on tax dodgers. Crypto Taxes Inevitable In the meantime, Lesperance, in remarks that were made during a call with Bitcoin.com News, urged crypto holders to get over “the fantasy that they....
According to law experts in South Africa, most banks are scared of blockchain for its power to disrupt their sector. A Senior Associate at Norton Rose Fulbright in Johannesburg, Nerushka Bowan, said the adoption of blockchain among banks has the potential to disrupt the global banking industry. Using the blockchain technology and its digital distributed ledger to confirm batches of transactions just as it does for bitcoin, it can take over functions such as verifying payments. She added that though banks are a trusted intermediary for the exchange of funds, they will be cut out once the....