SAFBC - South African Financial Blockchain Consortium

[Bandit]

The purpose of the SAFBC is to assimilate and demonstrate the transformative potential of blockchain technology for the South African financial industry. The consortium aims to educate and to bring the benefits of blockchain technology to the industry for the benefit of the entire country.

 

http://www.safbc.co.za/

[Bandit]

The members include the heavy weights of South Africa's finance industry including FNB, JSE, Sanlam etc.

 

Interestingly enough, also Citadel whose director, Geroge Herman, is very much against the use of Bitcoin and crypto currencies and called them the "playground of criminals" a few weeks ago.

 

http://www.safbc.co.za/members/

 

 

Times are changing

[Bandit]

In addition to Ethereum, the SAFBC is now setting up permissioned ledgers on the Corda, Hyperledger and Chain Core platforms. All four blockchain platforms are currently being explored by financial institutions across the world, with one widely expected to be recognised as the global standard.

 

At this stage, talk among the SAFBC centres is around reducing inefficiencies and opportunities to save costs for institutions and end consumers, Ehsani said.

 

He went on to add that costs in financial systems are very high which ultimately get passed on to customers. Blockchain-based record keeping within banks is expected to boost efficiency and bring down account fees over time. It is expected to reduce the need for proof of payment emails – the payment itself being the proof in real time – and to speed up the clearing of cross-border transactions.

 

“Ultimately, the concept of cross-border payments will become as silly as the concept of cross-border emails,” Ehsani said.

 

https://www.moneyweb.co.za/news/tech/sa-takes-steps-to-set-up-national-financial-blockchain/

[Platinum Wealth]

Regulations here we come.

[Bandit]

Regulations here we come.

 

Maybe, but even if this result in a "ZAR Coin" or whatever it means the technology is becoming mainstream and we're moving away from traditional money.

 

I don't get the hate for some regulation - if you cannot track transactions and their owners and govern some of these transactions you'll not be able to stop lawless activities. And even though we are heavily taxed here in RSA for little reward you cannot run a country without taxes.

[Purply]

 

Maybe, but even if this result in a "ZAR Coin" or whatever it means the technology is becoming mainstream and we're moving away from traditional money.

 

I don't get the hate for some regulation - if you cannot track transactions and their owners and govern some of these transactions you'll not be able to stop lawless activities. And even though we are heavily taxed here in RSA for little reward you cannot run a country without taxes.

 

Indeed, that is ultimately why people are afraid since implementing these  regulatory changes correctly will be an absolute nightmare and will probably take many many many many many MANY years to get right.