The ‘southest’ African nation is stepping into the crypto-friendly world as its central bank implements a novel proof-of-concept (PoC) initiative. This program aims to copy trans-banks arrangements to the blockchain, built on Ethereum.
South Africa in the game
This week, on February 13, a new financial tech program was declared by the state's Reserve Bank. This plan will comprise “Project Khokha.” According to the official the sample of Singapore, the Reserve Bank of the nation South Africa intends to emit its own virtual coin to push forward the trans-banking arrangement PoC.
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Interestingly, Singaporean program, called Project Ubin, witnessed the virtual coin to boost its trans-banking blockchain concept, which was also backed up by Ethereum.
At the same, the South African top-government bank also asserted that PoC initiative is not a straightforward sign of blockchain embrace in the country as a significant tech boosting its national payment system.
On the contrary, the bank emphasized that this empirical testing will help to grasp the sense of utilizing a tokenized asset on a ledger to remit value.
By the way, earlier reports showed how bitcoin’s popularity is increasing in South Africa.