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.