August 25, 2016 IBOMLLC Team

South Africa Reserve Bank makes a U-Turn; the Bank is now open to Blockchain and Cryptocurrency

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

At a recent cybersecurity conference held in Jo’burg. The Governor of Reserve Bank of South Africa Lesetja Kganyago announced the bank’s change of mind and openness to blockchain and cryptocurrency.

In a total contradiction of the bank’s position two years ago [PDF], Kganyago said, “As a central bank, we are open to innovations despite the different opinions of regulators on matters such as cryptocurrencies. We are will to consider the merits and risks of blockchain technology and other distributed ledgers.”

South Africa Reserve Bank is now exploring this new technology and is keen on finding innovations that can come from it. A big U-turn considering the fact that barely two years ago, the bank issued a statement that fell short of banning cryptocurrencies. In the well-crafted statement, the bank discouraged people from using the ‘risky’ currencies.

The Reserve Bank was basically echoing what many big financial institutions (read U.S. authorities) position on bitcoins and other cryptocurrencies. It has dawned on the bank, that cryptocurrencies are here, and they are here to stay. The bank might as well look on ways to leverage on this new technology; …read more

Read more here:: South Africa Reserve Bank makes a U-Turn; the Bank is now open to Blockchain and Cryptocurrency

      

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