A policy change; that may or may not lead to certainty regarding the crypto regulations in the country, is underway as observed earlier that the South African government has made room for discussion and comments.
Customers and businesses will be allowed to transfer funds as The South African Reserve Bank, and the National Treasury are looking into improving the outdated and ancient National Payments System Act seventy-eight of the year 1998.
Furthermore, with some advancements the sectors of that were previously neglected and in which unregulated cryptocurrencies were being used will be set into order and with this change. Opinions regarding the policy change will be welcomed until February twenty-eighth, 2019.
The fast pace of innovation and emerging technologies has changed the role of banks beyond comprehension. Technology is changing and ignoring that the process is necessary for the industry would be to live in a fool’s paradise. The financial services of South Africa have taken it upon themselves to learn and grow and understand the implications and opportunities and present them in their own way.
In order to do that the creation of a new project is in motion to help take the step further, its purpose is to contribute to the global initiatives which assess the application and use cases of distributed ledger technology (DLT) through this collaborative effort with the banks. Their purpose involves expanding knowledge and seek significant benefits. Reports in the media claim that Project Khokha scooped the Best Distributed Ledger initiative several months ago.
