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The South African Reserve Bank In Plans To Experiment Digital Currencies

The South African Reserve Bank In Plans To Experiment Digital Currencies

The South African Reserve Bank (SARB) after observing the take of other countries on digital currency has decided to issue its own digital currency based on blockchain technology as it believes the move would likely benefit the country by speeding up the transaction process and lowering the fees.

According to the head of the National Payments System at the SARB, Tim Masela, with the issuing of digital currency to reap the benefits, taking advantage of the emerging technologies would be the objective.

An Initial trail for regulations tests for blockchain and cryptocurrency services is on planning for the Central bank. A blockchain service provider, Bankymoon, is in talks with the South African Reserve Bank for a regulation test, as announced on July 19.

Since the Reserve Bank is hesitant to approve any of the proposals at this stage, the sandbox for the company will be only focusing on the Bitcoin at this phase with its focus to apply regulations to all the cryptocurrencies.

The State Bank of Belarus is yet another bank experimenting with the blockchain technology.

 

 

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