SARB Chief: Blockchain Could Bring Financial Access to Millions of People
“...this technology has the potential of bringing in millions of people who are currently excluded from economic activity.” So says Lesetja Kganyago, governor of the South African Reserve Bank (SARB), the country’s central bank. Speaking on the sidelines of the Davos conference in Switzerland with BizNews.com earlier this month, Kganyago remarked on the tech’s potential to improve conditions for financial inclusion. The governor has expressed openness toward the technology in the past, remarking in August that the SARB was “willing to consider the merits” of blockchain. Meanwhile, banks in....
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The deputy governor of the South African Reserve Bank (SARB) recently said the institution has changed its position on cryptocurrency, and now regards it to be a financial asset which must be regulated as such. The SARB expects to have a cryptocurrency regulatory framework in place by the end of 2023.
A Safer Crypto Ecosystem
The deputy governor of the SARB, Kuben Naidoo, recently said the institution had revised its stance on cryptocurrencies and is now looking to introduce a framework that governs crypto-related transactions. Naidoo, a member of SARB’s monetary policy....
One more nation, South Africa, is making the first step of migration to a fully digital economy, speaking about offering their own national digital currency based on blockchain technology. South Africa Looks to Digital Currency. There are many advantages to nation-states, both stated and unspoken, to head in the direction of a national digital currency. The chief executive of the South African Reserve Bank (SARB) said that this would include more inclusion and economic reach, faster settlements and lower costs. “If we go the route of issuing a digital currency, the objective would be to....
In much of Africa, many people still lack access to basic financial services for many reasons. One of the reasons is that financial institutions have set standards or thresholds that make it impossible for low-income earners to even open a bank account. Access to soft loans or other forms of financing is even more cumbersome while the punitive interest rates charged ensure that SMEs, farmers, and other groups do not even entertain the idea of borrowing banks. The fact that this has been ongoing for many years is a clear indication that the conventional banking system has failed these....
Millions of people around the world are financially excluded. These individuals, mainly women and poor people, suffer financial exclusion and restricted economic growth. Surprisingly, the financial exclusion of the poor is happening not only in developing countries but in the very financial capital of the world, New York City. Specifically, the New York....
The Stellar Development Foundation (SDF) has made a fresh bet on the financial services sector. According to a press release, the institution participated in a $145 million series E for Tala. A global technology company working on providing millions of people with access to lend, borrow, and other financial services Tala reached an over $350 million funding with support from the SDF and its Enterprise Fund, Upstart, and others. Related Reading | Stellar Network To Power New Savings API Launched By Wyre Launch in 2020, the SDF’s Enterprise Fund provides support, in U.S. dollar or XLM,....