South Africa’s Central Bank Successfully Testing Blockchain

June 7, 2018

The Central Bank of the Republic of South Africa has tested a blockchain-based system for inter-bank calculations and clearing. The results of the trial have been confirmed successful by the bank.

According to the statement, published by the South Africa’s Reserve Bank (SARB) on June 5, the testing took 14 weeks, involved some commercial banks of the country and was aimed at defining capacities of blockchain. The technology allowed for the bank to process a daily volume of 70,000 payment transactions in two hours with 1-2 seconds per each while retaining full anonymity of operations.

Meanwhile the statement by the SARB says, positive results do not imply the bank plans replacing current payment system with blockchain and notes, for doing so it needs more in-depth study and corresponding standards.

“Key considerations that need to be addressed include the evaluation of supporting frameworks and other systems that integrate with the RTGS system, as well as the legal, regulatory and compliance factors. ... A fully live DLT-based payments system is not currently planned in South Africa”, the statement stresses.

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