South Africa's Central Bank Launched a FinTech Programm

The South African Reserve Bank has launched a financial technology program that will trial JPMorgan's Quorum blockchain potential in interbank clearing and settlement  
14 February 2018   641

According to the official media statement dated February 13, the main goal of the programme is to track and analyse FinTech developments in order to assist an appropriate policy framework and regulatory regime in formulating frameworks.  

It is also indicated that the South African Reserve Bank (SARB) established a program in order to launch Project Khokha which will experiment with distributed ledger technologies (DLTs). It will prioritize a project to explore a proof-of-concept (PoC) using the tech.

The SARB announced its technology partner, ConsenSys, a world-leading expert on Quorum. It will assist the SARB in the design, setup of infrastructure and running of the POC. The project will involve replicating the wholesale payment process on Quorum, the enterprise blockchain co-developed by JPMorgan and ethereum startup EthLab.

According to the SARB’ statement, the aim of this project is to gain a practical understanding of DLTs through the development of a proof of concept (PoC) in collaboration with the banking industry.

The SARB will release a public report explain all the findings, risks and benefits of the associated project during the second quarter of 2018. 

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   134

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.