Reserve Bank Blockchain Project Enters New Stage

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SARB Takes Blockchain Project To Next Phase

The South African Reserve Bank (SARB) have been trying to see how SA can successfully implement the use of blockchain technology like is used for Bitcoin.

Stage One

Since 2018, the first stage of a project to test the waters has been underway as the SARB try to figure out what the ramifications of making use of blockchain technology will mean in the long run.

‘the SARB are working on the project with the help of 4 of SA’s biggest banks’

Primarily the SARB are working on the project with the help of 4 of SA’s biggest banks as they are best positioned and may be the most impacted at first.

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Stage Two

Now, the project is now moving into its second stage as the roleplayers try to actually use the technology in a closed environment to figure out what impact and interactions it will have with their tracking, planning, regulating and provisioning processes.

‘the project is now moving into its second stage’

All participants are reporting back to the SARB and an effort is being made to figure out if one day in the future SA could make use of a token or blockchain system.

Though the process is being tested this does not mean that the system (as it is envisaged right now) will be definitely be implemented in the future just that government is checking it out to see if it is feasible and how they could somehow exert some control over such a decentralised process.