South Africa Mulling Over Blockchain Digital Currency

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The South African Reserve Bank (SARB) is considering to issue a national digital currency, which would likely be based on Blockchain or Distributed Ledger Technology (DLT).

“If we go the route of issuing a digital currency, the objective would be to take advantage of emerging technologies so that we reap the benefits,” said Tim Masela, head of the National Payments System at the Sarb told journalist Prinesha Naidoo  in an article at Moneyweb

Concerning the risks,he talked about cyber-attacks and the unregulated nature of the emerging business models.

The central bank is reported to be observing moves by other countries to issue fiat currencies, which offer similar benefits and conveniences to cryptocurrencies, in a digital format. It will also carry out its own experiments and evaluations to determine whether such offerings would be appropriate for South Africa.

 

About Richard Kastelein

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, partner of token design and ICO architecture company Cryptoassets Design Group and co-founder and director at education company Blockchain Partners.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Beijing, Venice, Nanchang, Shanghai, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona, San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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