Reserve Bank of South Africa To Initiate Trial Run Of Cryptocurrency Regulations
The Reserve Bank of South Africa discussed possibilities of rolling forwarded a digital currency working on the wings of Blockchain technology back in February 2017. The bank had been closely observing the digital currencies. Tunisia became the flagbearer of the Blockchain technology after launching the E-Dinar, its official Blockchain based cryptocurrency.
The Reserve Bank of South Africa holds the belief that having a national cryptocurrency is of paramount importance as it would lower the fee structure and speed up transactions. According to Tim Masela, the National Payments System head, banking on such emerging technologies is sure to reap great benefits to both the institutions and transacting public. But the related risks cannot be undermined. A clever balance needs to be struck in between the risk and return parameters.
If newspapers are to be believed then the Central Bank of South Africa has decided to start the trial run of regulation tests on Cryptocurrency and Blockchain services. Blockchain service provider Bankymoon announced on July 19th that it was collaborating with the South African Central Bank for running a trial test. Bankymoon CEO,Loerien Gamaroff stated that he is weighing out options regarding the longevity of their relationship in this sandbox trial. He was quick to add the delay made by Reserve Bank in showing a green signal of approval is the cause of his fret. The sandbox trial will focus wholeheartedly on Bitcoin in the initial phase but is going to take other forms of cryptocurrencies under its purview in coming days.
Banks around the globe are conducting thorough experiments on the Blockchain technicalities. Everyone wants a share of this profit pie. Off late, the State Bank of Belarus made a public announcement that it has deployed a Blockchain based information network. This network will speed up issuance of bank guarantees. Also The Republic of Belarus may integrate Blockchain Technology in it’s securities market
KryptoMoney.com posts latest news and updates about Cryptocurrencies and Blockchain Technology.