South Africa’s central bank has received an award for its Ethereum blockchain platform for processing interbank payments and settlements.
CCN reported Central Banking, a global central banking forum, gave its FinTech & RegTech Award for Best Distributed Ledger Initiative to the South African Reserve Bank for its Project Khokha.
“The test demonstrated that distributed ledger technology can enable digital as opposed to analog transaction processing, offering significant improvements for global transactions,” said CCN. Central Banking said the test’s success shows the need for regulators to address banks’ security and privacy concerns to improve global transaction processing. Read more here.