South Africa Latest to Consider Creating National Digital Currency
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....
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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....
The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws.
South Africa’s Financial Sector Conduct Authority Warns Against Binance
The South African financial regulator issued a notice Friday about Binance, stating:
The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to....
Africa arguably has the most to gain from Bitcoin adoption, as financial inclusion is still a distant dream for the vast majority of the population. Understanding the potential Bitcoin business prospects in Africa, some Bitcoin companies like Igot, Beam, BitPesa, and BitX have set up shop in the continent. BitHub is the latest entrant, which is promising to help Bitcoin startups in the continent. Based in Woodstock, Cape Town, BitHub is geared towards digital currency innovation. In addition to facilitating Bitcoin startups, BitHub is in talks with Barclays to create a physical space at....
Bitcoin's potential to succeed in Africa is widely recognized within the industry. It's capable of transforming the way we send remittances to the continent and giving the unbanked easy access to money quickly and freely. It's an alternative currency for anyone, but especially useful in countries with unstable national currencies, and can reduce the cost of cross-border trade. In Freetown, Sierra Leone, an ethical fashion accessories company called Bureh is taking the first step in creating a digital currency economy for sub-Saharan Africa by accepting bitcoin via payments processor....
The Cape Innovation and Technology Initiative (CiTi) has announced it will launch South Africa's first digital currency hub, BitHub. It will serve to be a center point for anyone currently involved in digital currency or interested in learning more. CiTi has already made a name itself in its nearly 20 years of serving the local South African community where it has been a pioneer of new technologies. The nonprofit organizes tech meetups and events, such as a recent virtual reality community gathering, provides resources to developers and runs an incubator for local tech startups."In South....