Banks Trial Blockchain With South African Regulators
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....
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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....
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....
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....
Hlengani Mathebula of the South African Reserve Bank warns people for the dangers of using and trading Bitcoin. The story of Bitcoin's regulation continues. Today's turn goes to beautiful country South Africa. The government had been talking about Bitcoin for some time now. They even ran a 'Bitcoin trial'. In terms of willingness to accept, we love the idea of a trial. It beats saying no from the start without even considering. Internal testing. The South African Reserve Bank is responsible for considering Bitcoin's regulation. After reviewing the results of the Bitcoin trial, they decided....
A South African non-fungible token (NFT) marketplace, Momint has officially launched following the end of the two-week trial phase which saw the artwork of former rugby player Bryan Habana fetch over $10,000. More than 800 people from 25 countries took part in the auction. The Momint marketplace, which has been developed as a social media app similar to Instagram, is backed by investor Rob Hersov and has a “pre-seed funding reportedly valuing the company at over $2 million.” According to a report, Momint combines an NFT marketplace with the functionality of a social media....