South Africa’s President Cyril Ramaphosa has revealed the ruling African National Congress (ANC) manifesto ahead of May’s elections which features the advancement of blockchain as an important tool for change.
After a ten-year period of chaotic government in South Africa under the Zuma government, a man now under pressure and facing trial for corruption, the country is looking at Ramaphosa and ANC for meaningful change, honesty and transparency.
At his latest speech in the Moses Mabida stadium in the coastal city of Durban, the president was described as delivering a speech more akin to that of a company CEO than a politician. He said that change was coming in South Africa via new technologies as part of the 4th industrial revolution. Blockchains, data analytics, and the internet of things would be the focus in a new South African government.
It appears that this is already underway with the government’s new assets regulatory working group currently investigating the potential of cryptocurrency and blockchain. The SA Reserve Bank (SARB) is in on the act, and the latest factfinder, Project Koha, has been put together by representatives from the Financial Intelligence Centre, Financial Sector Conduct Authority, and Treasury and the SA Revenue Service.
The SA reserve bank has recently detailed positive results from trialing the settlement of high volumes of payments via the blockchain. The implementation of blockchain in South Africa’s local banking and finance industries has accelerated over recent years and if Ramaphosa has his way, this will be the shape of things to come on the nation’s economic and financial landscape.
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