Due to Jacob Zuma's scandal "South Africa Financial Institutions Embraced Blockchain
Due to Jacob Zuma's scandal "South Africa Financial Institutions Embraced Blockchain
Due to Jacob Zuma's scandal "South Africa Financial Institutions Embraced Blockchain
Jacob Zuma South Africa’s president resigned on the 14 of February.
South African President Jacob Zuma addresses the nation and press at the government's Union Buildings in Pretoria, South Africa, on Wednesday. In his statement he said he would resign 'with immediate effect' in response to the ruling African National Congress' (ANC) order to quit.
Zuma became president in 2009. His controversial corruption scandal related to the Gupta brothers; Atul, Rajesh and Ajay, was labeled “Zupta”, and was one of the reasons he was forced to resign, as it inflicted severe damage on one of Africa’s biggest economies.
The outgoing president said that violence and disunity within the ANC had contributed towards his decision to depart.
'No life should be lost in my name and also the ANC should never be divided in my name. I have therefore come to the decision to resign as president of the republic with immediate effect,' he said.
Although I disagree with the decision of the leadership of my organisation, I have always been a disciplined member of the ANC.
His presidency only underscored the failure of national politics. The party has suffered major setbacks in local elections in South Africa in 2016 and may lose its majority in general elections scheduled for next year.
In 2006 Zuma was acquitted of raping a family friend and he is still challenging numerous counts of corruption related to a government arms deal from the late 1990s when he was deputy president.
Despite been portrayed as an anti-apartheid veteran, Zuma’s waning political credentials were confirmed last December when deputy president Ramaphosa replaced him as ruling party leader. He was further embarrassed when he failed to repay public money he had used to renovate his home.
Following Zupta scandal, several South African financial institutions have adopted blockchain technology called Springblock, which they hope to adopt for all financial transactions, explained Farzam Ehsani, chair of the South African Financial Blockchain Consortium. The State Bank of India, which is India’s largest bank also implicated in the Zupta scandal, announced that it would be implementing Bankchain’s. Blockchain in collaboration with Primechain Technologies in several areas of the bank including Know Your Customer /Anti-Money Laundering (KYC/AML), syndication of loans/consortium lending, trade finance, asset registry & asset re-hypothecation, secure documents, cross border payments, peer-to-peer payments, and blockchain security controls.