South Africa’s central bank began bitcoin regulatory experiment

South Africa’s central bank began bitcoin regulatory experiment


In South Africa, a solution to the blockchain provider based on Bankymoon, the country’s central bank has been selected as the object of the sandbox business, to test the digital currency regulations.

The Reserve Bank of South Africa is essentially the country’s central bank, the bank will start around bitcoin and other encryption currency and try to adapt to different regulatory tests, the legalization of the current trend of growing.

Test the water

Prior to this, the South African government and digital currency bitcoin related mostly to turn a blind eye, but this action marks on a user and businessmen are very prosperous countries, bitcoin regulation is an important step.

The chief executive of Bankymoon LorienGamaroff admits that this is still in their early stages of dealing with the central bank, because they still hesitate whether this is too deep, too quickly.

He said: “we are doing is to observe the relationship in the sandbox will last long.”

“This is because the reserve bank is very hesitant, reluctant to give approval to whatever appears. In the initial stage, the sandbox will focus on bitcoin, but also focus on the extensive regulation of all encryption currency.”

Whether or not the supervision

With the mainstream media began to pay attention to and digital currency bitcoin, always occurred during the process of a difficult problem. The nature of bitcoin is to the center, but the government wants to restrict and regulate it will violate this principle.

However, the supervision of digital currency does have its advantages, it is for the government for this technology to increase legitimacy.

Another bitcoin innovator Gamaroff that regulatory measures will only enhance bitcoin in the local economy:

“I think things will promote the development of supervision, so that people can accept bitcoin. With these new regulations, people will believe that bitcoin is not just for hackers and criminals.”

Further support for the South

Some large enterprises have also done a lot of solidarity with the South African businessman MichaelJordaan—- first National Bank of CEO (FNB), digital currency will compete with Fiat in 10 years.

Jordaan is a faithful believer of digital currency, he further said that their model will soon make the central bank out of date. He also believes that with the low charge bitcoin’s entire banking model may collapse.

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