Category: South Africa

Major Banks From Member States Sign MoU on DLT Research

Five major banks from each BRICS member state signed a Memorandum of Understanding (MoU) on the development of distributed ledger technology (DLT), according to an official press release July 26. During the 10th International BRICS Summit in Johannesburg, banks from the emerging economies of Brazil, Russia, India, China and South Africa agreed to a joint […]

South Africa’s Central Bank Pilots Tokenized Fiat Interbank Payment System

South Africa’s Central Bank (SARB) has successfully piloted a Proof-of-Concept (PoC) for an interbank payment system that tokenizes fiat using Quorum, according to an SARB press release published June 5th. Quorum is an Ethereum-based private blockchain. According to SARB’s report on the pilot, dubbed ‘Project Khokha,’ all of the bank’s goals were successfully achieved, the […]

South Africa’s Central Bank Calls Crypto ‘Cyber-Tokens’, Not Currency

The South African Reserve Bank, the central bank of the Republic, has chosen to call digital currencies “cyber-tokens” because they “don’t meet the requirements of money,” Bloomberg reported May 24. Francois Groepe, Reserve Bank Deputy Governor, explained the position of the bank: “We don’t use the term “cryptocurrency” because it doesn’t meet the requirements of […]