South Africa looking into efficiency of virtual payment systems

now the South African Reserve Bank says it's open to introducing a national digital currency the bank says the currency will be based on existing examples like blockchain and Bitcoin which use a digital public ledger platform for distribution at the head of national payment systems team Marcella says this will help the country take advantage of emerging technologies the central bank will carry out its own research about the technology's feasibility in South Africa now amid global political and economic uncertainty investors have been turning away from traditional stock and bond markets which have been shaken by big events from the brexit vote to the US a presidential election our digital currencies are becoming quite a phenomenon globally but what exactly is happening in Africa well we are joined by Shireen she's the founder and CEO of liquid crypto money and she joins us in Johannesburg welcome to the studio Shireen now when we talk about digital currency most of us think of Bitcoin but apparently today it dominates a little less than half of the digital currency in market globally talk to us about the growth of digital currency in general so the essential growth in terms of market cap of decentralized digital currencies is an over 1 billion market already and as you rightfully say such as half you know of the general cryptocurrency environment but also there's currently over 800 cryptocurrency already in the market but Bitcoin you know the focus is on Bitcoin right now because it is the biggest currency cryptocurrency in the market it is also the world's first decentralized cryptocurrency it is also the world's first digital currency the world's first universal currency and the world's first you know mainstream digital currency right now that is actually acting as normal crypto normal currency and right now with Bitcoin you can buy bread you know you can you swipe your card by buying bread you can pay for petrol and and this is approved by Visa and MasterCard and that is why we're starting to see more you know mainstream adoption in terms of Bitcoin opposed to all the other 800 cryptocurrencies currently in the market but house faster is Africa and African and how fast are African regulators catching up with this new phenomenon so in Africa there's a lot of growth in terms of South Africa and we're seeing a rise in Ghana in Kenya in Nigeria as well of Bitcoin use but South Africa is at the forefront you know of the spread coin revolution or cryptocurrency revolution our central bank or the South African Reserve Bank has issued a statement in February to say that they are looking to regulate or create their own digital currencies and also a few days ago they said they looking to regulate but coin and other cryptocurrencies so what is essentially happening in Africa is in up in in in in you know in terms of that is that for example Tunisia as the first country in the world that have created their own government-issued digital currency called the electronic dinar Senegal is looking to roll out the electronic safer and if it's successful they are wanting to roll out all other francophone countries in Africa so what we're starting to see play out here is that they are centralized digital currencies as well as decentralized cryptocurrency is like Bitcoin and all the other cryptocurrencies that's coming into market now as the uptake of digital currencies picks up in Africa what how do you expect this to impact our banking sectors it is a digital disrupter for the banking industry and they are also looking you know to start changing the way they do banking I think the banking landscape will be very different from what it is today with that said the banks themselves are looking to use the blockchain technology so what we're going to see play out in the near future is that they are going to start offering products both on blockchain technology that is going to allow for much faster and much you know cheaper solutions so I don't think you know because what's currently coming on to market is that they are centralized to currencies that we they will be still a market for banks to offer their services but then also they are these centralized cryptocurrencies and that's where we think more people move towards – now your company which is called liquid crypto money it consults on a digital currency here in Africa tell us about the opportunities and certainly the pros and cons that come with these digital currencies especially for those looking to invest in them there's a lot of pros in terms of crypto currencies and you know investing especially with worldwide issues and economic pressures that individuals are facing and companies more people are looking to use crypto currencies because they are appreciating currencies and so they obviously if you saving and appreciating currency that means the value of your preciate in currency you know increases over time another aspect is that money can now be sent anywhere worldwide and you pay it's cheaper it's faster to send and at the end of the day you start saving more money from it and you know also the fact that but coin for example is the world's first digital currency as I said but also it's a currency right now that is higher than all the other currencies worldwide it's also been rated the highest currency for the fourth consecutive year against all the other fiat currencies so we are the trend right now is that more people are looking to it and obviously I mean if it's a benefit for for you you are looking more it's more enticing that it becomes more enticing then what many thanks for joining us in that difference as we start seeing well thank you thank you so much for joining us in the studio and thank you so much for your insights of course I was shearing round juices she's a CEO of liquid script or money joining us Arian Johannesburg

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