Russian, South African CSDs Collborate to Explore Blockchain Technology
South Africa’s Central Securities Depositories (CSDs) Strate has signed a Letter of Intent with Russia’s National Settlement Depository NSD at the Sibos event in Geneva in September 2016 to forge a partnership that will develop solutions utilizing blockchain – or the Distributed Ledger Technology (DLT). The first use case is focused on proxy voting which is a vital process for decision-making bodies to delegate their voting power to other members of the same body to vote in their absence, and/or to select additional representatives. Such processes are crucial to financial markets....
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At the recent Sibos event in Geneva, several organizations showed off blockchain prototypes and had plenty of discussion regarding the technology. During the event, Russia’s National Settlement Depository (NSD) and South Africa’s Central Securities Depositories (CSDs) signed a letter of intent to begin initiatives using distributed ledger protocols. A....
The African financial system is turning its attention toward blockchain technology as it looks for ways to help reduce the cost of banking transactions, according to The Africa Report. In the summer of this year, one of South Africa’s largest banks, Absa Bank, the South African subsidiary of Barclays Africa joined forces with the R3 Consortium to explore and develop the technology for the financial industry. At the time, it joined over 45 global banking heavyweights. That number has since dropped after Goldman Sachs and Santander recently decided to let their memberships lapse with the....
The South African Reserve Bank may be willing to introduce blockchain based, digital version of its fiat currency. The use of cryptocurrencies as legal tender is one of the most discussed topics among the cryptocurrency community members. The very thing may soon happen in South Africa. One of the South African financial magazines has recently reported about the willingness of the South African Reserve Bank to issue digital version of its fiat currency. The new currency referred to as the “national digital currency” is expected to be based on blockchain technology. The publication, in its....
Two central securities depositories (CSDs) have agreed to collaborate on distributed ledger initiatives in a first-of-its-kind agreement globally. Announced today, Strate and the National Securities Depository (NSD), the CSDs of South Africa and Russia, respectively, have agreed to collaborate to develop new solutions with the technology, starting first by focusing on extending NSD's past explorations into proxy voting. As part of the agreement, Strate and NSD say they will share information related to the standardization and regulation of blockchain and distributed ledgers. In statements,....
A new report by Euroclear has looked at the regulatory and legal aspects of the use of blockchain technology in post-trade settlement in a European context. The report, Blockchain Settlement: Regulation, Innovation, and Application [PDF], with support from Slaughter and May, found that central securities depositories (CSDs) would play an important role in a blockchain-based settlement system. It also stated that regulators should not fear the use of smart contracts and distributed ledger technology any more than any other automated computer-based process prevalent throughout the settlement....