THE AUTHORITIES OF SOUTH AFRICA HAVE ANNOUNCED AN EXPERIMENT TO REGULATE CRYPTOCURRENCY

The management of Sarb expects that this will allow understanding the principles of the functioning of cryptocurrency in order to exercise control over their use.

The project will be implemented in partnership with Bankymoon, a blockchain start-up, selected for the role of the regulatory “sandbox.”

“At this stage, we are trying to understand how far our relationship with Sarb can go concerning this sandbox, because the Reserve Bank is very reluctant to go beyond its control. At the initial stage, the sandbox will work exclusively with bitcoin, but plans to work out how to apply common rules to all cryptocurrencies,”
said Lorien Gamaroff, Bankymoon CEO

Last year, the manager of the South African Reserve Bank, Lesetya Kganyago, said that the regulator began to study blockchain and is interested in the innovations that this technology can give. At the same time, representatives of Sarb insisted that they were not making any attempts on regulating or controlling bitcoin and other cryptocurrencies.

Nevertheless, according to the head of Bankymoon, the regulation will facilitate the adoption of cryptocurrencies that can strengthen the local economy, and the new rules should show people that digital currencies can be trusted.

We’d like to remind you that in February of this year Bankymoon became one of the finalists of the competition of start-ups at the Event Horizon 2017 conference in Vienna with its project of paying bills for electricity with the help of bitcoin.

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