South African Central Bank To Start Bitcoin Regulation Experiment
A Blockchain-based solutions provider in South Africa, Bankymoon, has been selected by the central bank of the country to be the sandbox business in testing out digital currency regulations.
The South African Reserve Bank, essentially, the central bank of the country, will begin experimenting with different regulations surrounding Bitcoin and other cryptocurrencies with an eye to legitimize and understand the growing trend.
Testing the watersThe South African government has up until now mostly turned a blind eye to Bitcoin and related digital currencies, but this marks a big step towards regulating Bitcoin in a country where it is flourishing with users and merchants alike.
Lorien Gamaroff, the CEO of Bankymoon, admits that it is still the early days in their dealings with the central bank because of its hesitancy to jump in too deep, too quickly.
“All we are doing at this point is seeing how far this relationship will go on within this sandbox,” he says.
“This is because the Reserve Bank is very hesitant to give a stamp of approval on anything that comes out. The sandbox will only be Bitcoin-focused during this initial phase, but is focused on applying broad regulations to all cryptocurrencies.”https://cointelegraph.com/news/south-african-central-bank-to-start-bitcoin-regulation-experiment
