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South Africa Bank will open to blockchain

South Africa Bank will open to blockchain

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According to a new announcement, South Africa Bank will open to blockchain and digital currencies.


South Africa Bank will open to blockchain

During a recent speech at a cybersecurity event organized in Johannesburg, governor Lesetja Kganyago revealed that the South Africa Bank will open to blockchain and other innovations. 
Kganyago, who works at the Central Bank since 2014, commented that the South Africa Reserve Bank wants to use technologies that could help the bank to execute their mandate more effectively.
Kganyago explained in his speech:
“As a central bank, we are open to innovations despite the different opinions of regulators on matters such as cryptocurrencies. We are willing to consider the merits and risks of blockchain technology and other distributed ledgers.”
This news came after a position paper released a few years ago about digital currencies and blockchain use cases.

South Africa Bank Whitepaper on Digital Currencies

On this paper, the bank warned local consumers about the risks of using digital currencies such as money laundering and cyber fraud. However, it marked that it “does not oversee, supervise or regulate the VC landscape”.
Also, other institutions in South Africa revealed that they want to study and test the distributed ledger not only for fintech applications.

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