Reserve Bank mulls creation of digital rand laosnews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from laosnews.net Daily Mail and Mail on Sunday newspapers.
Why the cash of the future will be digital and decentralised
3 Apr 2021
Digital wallet: Cash may one day be replaced with country-issued cryptocurrencies, suspects Monica Singer of blockchain company ConsenSys. (Luis Tato/Bloomberg/Getty Images)
When South Africa’s biggest banks released their year-end financial results last month, it became clear that Covid-19 has sped up the move to digital. Each bank saw an increase in digitally active clients and more transactions were done via online banking.
But online banking as we know it is only a small step towards the future of finance, experts say. And for financial institutions, Covid-19 has made this future in which technology used by cryptocurrencies makes banking faster and central banks dole out digital money seem even more imminent.
You can now buy a Tesla with Bitcoin, what next? iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.
SA regulator, big banks experiment with blockchain securities
Founded just three years ago, South African company Block Markets Africa is today working alongside two global consultancies to support an investigation by the South African Reserve Bank and leading financial institutions into the impact and benefit of blockchain technology on the future of financial markets and their systems.
Established by Cape Town-based entrepreneurs
Greg van der Spuy (33) and
Tobie van der Spuy (39),
Block Markets Africa (BMA) brings to the initiative their extensive experience with blockchain, the technology that underpins cryptocurrencies, stablecoins and decentralised finance markets. BMA’s experience in the local banking technology sector through previous blockchain-based projects with Rand Merchant Bank and other financial institutions has positioned the company well to translate the new technology to the traditional financial sector.
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South African lawyer takes up fellowship the World Economic Forum s Centre for the Fourth Industrial Revolution (C4IR) in San Francisco
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South African lawyer takes up fellowship the World Economic Forum s Centre for the Fourth Industrial Revolution (C4IR) in San Francisco