South Africa’s Central Bank Launches Ethereum-Based Blockchain PoC

The central bank of South Africa has launched a new proof-of-concept (PoC) project to replicate interbank settlements on an Ethereum-based blockchain. The South African Reserve Bank (SARB), the country’s central bank, has announced a new FinTech initiative that will include ‘Project Khokha’ – a blockchain PoC endeavor via a partnership with Ethereum coder collective ConsenSys, an official announcement revealed. As the central bank’s technology partner, the Brooklyn-based Ethereum blockchain developer will enable the ‘processing of wholesale payments using Quorum’, an Ethereum enterprise blockchain developed by JPMorgan and EthLab, an Ethereum developer startup. The development to explore blockchain technology comes despite statements to the contrary by the central bank’s deputy governor who claimed the issuance of a blockchain-enabled central bank cryptocurrency would be “too risky”, in August 2017.

Reference: https://www.ccn.com/south-africas-central-bank-plots-ethereum-based-blockchain-pilot/

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