South Africa Embraces Blockchain, Launches Ethereum-based Project

South Africa Embraces Blockchain, Launches Ethereum-based Project

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.

Our top trading bots

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.

South Korean crypto traders are pivoting to ‘smaller cap’ altcoins
South Korea’s “big four” crypto exchanges — Bithumb, Korbit, Upbit and Coinone — are showing a marked cooling off in Bitcoin (BTC) enthusiasm.Meanwhile,...
Robinhood’s crypto business explodes in the first quarter despite GameStop controversy
Robinhood, a popular trading app targeting millennials and other inexperienced investors, has become a major hub for cryptocurrencies, offering further...
Jeremy Allaire: 'USDC is halfway to flipping PayPal'
The co-founder and CEO of Circle, Jeremy Allaire, has made a bold prediction that the company-issued stablecoin is on track to surpass payments giant PayPal...
iPhone user blames Apple for $600K Bitcoin theft via fake app
A scam cryptocurrency app on Apple’s app distribution service App Store has reportedly stolen $600,000 Bitcoin (BTC) from one iOS user.Cryptocurrency holder...
Bahamas' Sand Dollar nears commercial rollout as interoperability completed
The Central Bank of the Bahamas has announced that its central bank digital currency, the Sand Dollar, is expected to achieve full interoperability between...
Kim Kardashian Acquires Her First Physical Bitcoin
One of the most important personalities in the modern beauty and entertainment industries, American-Armenian socialite Kim Kardashian West has got her own...
Another Reckless Prediction: Startup Exec Says $60,000-Worth Bitcoin Is Real
Thanks to the continuous developments in the field of regulation as well as infrastructure, the most valuable cyber-coins might continue surging. Such...
Ripple Will Give $25 mln to a Startup That Finds The App For Its Blockchain
The third most worthy cyber-coin in the world Ripple will be used by the self-titled startup, which issues it, to pile a quarter of a hundred million...
Securities or Not? Israeli SAC Clarified its Position on Cryptos
Israel clarified how it is going to classify bitcoin and its ilks – as securities or not. The country’s Securities Authority Committee, which is focused...
Thomson Reuters Uses AI to Reveal People’s Fears Over BTC & Helps Investors
On March 12, the Canadian multinational information firm Thomson Reuters established what crypto investors have been dreaming of. And that’s a novel...
Ethereum Developer Left The Project
One of the leading developers of Ethereum, Yoichi Hirai, announced that the code editors are leaving the team, expressing concerns that the proposal to...
BTC Survived Regulatory Tension, Hardening After a Week-Long Sinking
Last week was a week of turmoil for bitcoin as it went through the period of plunging from January 8 to January 11 but managed to somehow recover before...
Crypto Market Cannot Survive Without Fair Regulation – Credit Analyst
Scott Ryan, who is a credit analyst and avid follower of the cryptocurrency markets, believes that crypto markets need a particular regulation. On the...
Why Banks Should be Scared of Bitcoin
On December 15, Bitcoin hit a new record as it reached almost $18,000 on the Bitstamp exchange. At the same time, total market capitalization of all Bitcoins...
Altcoin to Invest: Litecoin
Since 2013 Litecoin has received recognition and became known as the "digital silver." The growing popularity of Litecoin was a useful phenomenon for all...