South African Central Bank 'Open' to Blockchain and Cryptocurrency
South Africa’s central bank is “open” to cryptocurrencies and blockchain, according to new statements from its governor. In a speech today at a cybersecurity conference held in Johannesburg, governor Lesetja Kganyago indicated that the South African Reserve Bank is exploring the technology and interested in innovations that may stem from its development. Kganyago, who has served as governor of the central bank since 2014, suggested that the Reserve Bank would look for possible uses that would help the institution "execute our mandate more effectively and efficiently". Kganyago....
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South Africa’s central bank is open to the innovation of cryptocurrencies and blockchain technology, the bank’s governor revealed in a speech given in cybersecurity conference in Johannesburg, yesterday. The South African Reserve Bank (SARB) organized and hosted a cybersecurity conference in Johannesburg yesterday. While opening the conference, Lesetja Kganyago, the governor of SARB, spoke about new innovation in the field of finance and financial services. Notably, the central bank’s governor stated that the institution is receptive to the breakthrough ideologies and innovation bought on....
The head of the South African central bank has insisted that regulators and policymakers should be involved in directing any potential move to markets that are based on distributed ledger technology (DLT).
Pondering the Implications of Innovation
The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has argued that central banks, regulators, and policymakers should and must play a role in “shaping a potential move to DLT-based markets.”
According to Kganyago, these stakeholders can achieve this objective by “pondering the....
A group of South African banks have pushed ahead with plans to test blockchain applications in a partnership that has drawn support from key regulators in the country. As reported by local outlets IT Web and MoneyWeb, the project included teams from Standard Chartered, Absa, Rand Merchant Bank, Investec and Nedbank. Supporters of the initiative included the Financial Services Board, a major finance regulator; Strate, the country’s central securities depository; and the South African Reserve Bank. The institutions involved developed and tested a system for issuing syndicated loans via....
A South African professor, Steven Boykey Sidley, has branded as “balderdash” claims by the South African central bank deputy governor that “90% of cryptocurrency transactions” are illicit. The professor also accused the senior central bank official of spreading inaccurate information that “does immeasurable damage to an important new industry.” Only 0.15% of Crypto Transactions Are Tied to Illicit Activity A South African university professor and author, Steven Boykey Sidley, has slammed Kuben Naidoo, the country’s central bank deputy....
Africa's largest banks and South Africa’s Central Securities Depository, Strate, set up a Blockchain network that could have a far-reaching effect on the continent’s financial sector. South African Reserve Bank (SARB) and the Financial Services Board will play a role of observers. While the new working group has representatives from Standard Bank, Absa, FirstRand, Nedbank - the top four banks in Africa - and Investec which stands at the eighth position, the participation of the Reserve Bank is the most significant because the South African apex bank has been a little skeptical about....