South African Central Bank To Start Bitcoin Regulation Experiment

sergey44 (66)in #crypto • 7 years ago

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.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.”Gamaroff is another Bitcoin innovator who believes that regulations will only strengthen Bitcoin within local economies:“I think the regulation will move things along and make people on the street comfortable with Bitcoin. With these new regulations, these everyday people can now trust that Bitcoin is not just for hackers and criminals.”