South African central bank: issue digital currency “too risky”

nnnSouth Africa’s central bank since last year began to pay attention to and study the block chain technology, recently, the line vice president at a general meeting stressed this attitude, but also said that the bank, the issue of their own digital currency has a very Big risk, need to be carefully considered. While some financial institutions in South Africa are studying the technology, the practical use of block chains in South Africa may take time.n
nnTranslated by: Inan
nA senior official from the Central Bank of South Africa said that for the central bank, issuing its own digital currency “risk is too big.”n
nFrancois Groepe, vice president of the Reserve Bank of South Africa, delivered a speech at the Strate GIBS2017 Financial Technology Innovation Conference on Monday to evaluate the development of financial technology, with particular emphasis on block chains and distributed books.n
nAccording to local media ITWeb reports, Groepe pointed out that the South African central bank in the issue of their own digital currency is open. But he was cautious when it came to the short-term outlook for this practice.n
nHe told the participants: “Virtual currency may be more widely adopted.” But also said:n
nn”However, the central bank in the open system in the issuance of virtual currency or digital currency for us is too risky, we must carefully consider the matter.”n
nnAbout a year ago, the Reserve Bank of South Africa said it would take an open approach to block chain technology and even study its own technology applications.n
nAt that time, the bank governor Lesetja Kganyago said:n
nn”We are willing to consider the advantages and risks of block chain technology and other distributed books.”n
nnOther major financial participants in South Africa, including its central securities depository (CSD), have also begun to study the potential applications of block chains.n

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