South Africa’s Financial Power Players Are Going All-In on Blockchain

Johannesburg, South Africa

South Africa’s central bank, its central securities depository (CSD) and several of its largest banks came together yesterday to chart a course toward large-scale blockchain implementation.

Held in Johannesburg, South Africa, the meeting saw members of the blockchain working group elect a chairman, secretariat and set strategic objectives for the year ahead. Collectively, the participants in the working group comprise nearly every participant necessary to build and implement real blockchain products.

Yet, even more remarkable is the outlook of some of the participants.

Monica Singer, CEO of Strate, South Africa’s CSD, for example, described the group’s effort on blockchain as one that isn’t just about finding a new revenue streams – but evolving to survive.

As more and more services move to distributed, shared ledgers, she believes central authorities like her own will have no choice but to meet with their users and explore new possibilities.

Singer told CoinDesk:

“My mission is to ensure that Strate can continue operating forever. But it will have to change its role. It’s like, if you’re a taxi operator you better embrace Uber because I don’t know how long you’re going to operate as a taxi.”

Hosted by Strate’s experimental financial technology division,

Read more ... source: CoinDesk

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