The Central Bank Of South Africa Has Launched An Ethereum-Based Blockchain PoC

The central bank of South Africa, known as the South African Reserve Bank (SARB), has recently announced a new FinTech initiative. Part of this initiative is something known as ‘Project Khokha’. This will be a blockchain-based PoC project that will enable the ‘processing of wholesale payments using Quorum.’ This is an Ethereum enterprise blockchain, which was developed by EthLab and JPMorgan. EthLab is a developer startup that works on the Ethereum blockchain.

According to the Feb 13 SARB announcement, the project aims to gain a practical understanding of blockchain technology via the development of a proof of concept. The project will take place in partnership with the nation’s banking sector. The aim of the PoC will be to replicate interbank clearing and settlement on the blockchain. Via this project, the SARB and the banking sector will be able to jointly assess the potential benefits and risks that the blockchain holds.

This development seems to be a complete turnaround from what the Governor of the Central Bank said in August 2017. Back then, he stated that issuing a blockchain-based cryptocoin would be too risky a move for the bank.

Full article: The Central Bank Of South Africa Has Launched An Ethereum-Based Blockchain PoC