Speaking at a conference on cyber security in Johannesburg, the head of the Reserve Bank of South Africa Lesetya Kganyango expressed his support to blockchain and cryptocurrencies.

Mr Kganyango said that the institution is studying the technology and the ways for its application. He hopes that blockchain will help the Reserve Bank to better fulfil its duties.

“As a central bank, we are open to innovations despite the different opinions of regulators on matters such as cryptocurrencies. We are willing to consider the merits and risks of blockchain technology and other distributed ledgers,” Kganyango said in his report.

The private initiative concerning blockchain application in South Africa is rather significant. For example, since August 2015 the first Bitcoin Academy in South Africa offers training courses on bitcoin and the blockchain technology for institutions, entrepreneurs, schools, and developers

Some local banks are testing Ethereum-based projects while a number of companies are using blockchain for a variety of purposes including crowdfunded energy. Thus, South African startup Sun Exchange launched an international crowdfunding campaign to build a solar power plant with the help of bitcoin micro-investments. The photovoltaic system will be built on the roof of a Waldorf school situated in Stellenbosch, South Africa.

Besides, since March, the South African online market Takealot supports the bitcoin payment option for sellers.

Lyudmila Brus