(Image from The Markets Posts)
Along with other countries who have a considerable Bitcoin active market, The South African Reserve Bank is looking to run trials on country's cryptocurrency regulations - before having to implement them permanently.
There are a number of regulations that will be put to a trial run a few months from now. According to South African news outlet, BusinessTech.co.za, SARB is working closely with some leading players in the country's cryptocurrency and blockchain environment. Among them is a blockchain solutions provider Bankymoon. Bankymoon CEO Loerien Gamaroff said they were in talks with SARB to implement these regulations in a sandbox fashion.
Basically what this means is Bankymoon will trial run these regulations themselves and give feedbank to the Bank. The purpose is to find any potential wrongs, if any, in the trial and offer remedies.
Bankymoon are no strangers to the Reserve Bank for they have attended workshops and seminars with SARB regarding cryptocurrencies and blockchain technology - according to newsBTC.com.
The South African Reserve Bank, with caution, seems to be open to the idea that presents the world with sophisticated solutions to current equally-sophisticated fintech services problems and antiquated means of financial transaction.
Call it a case of FOMO if you will but a fintech revolution is happening and the Reserve Bank of South Africa is not banking to be left out (see what I did there? 😉).
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