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South African Reserve Bank Set to Launch Project Khokha 2 Blockchain Report in April 2022

The South African Reserve Bank (SARB), the apex bank in South Africa, has announced that it is now ready to release the results of the Project Khokha 2 it has been working on for over 2 years.

While not much information has been disclosed, SARB has opened up registration for the report launch scheduled for April 6, 2022.

Project Khokha 2 was launched by the Intergovernmental Fintech Working Group (IFWG) to explore the policy and regulatory implications of tokenization in the financial markets in South Africa.

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SEE ALSOSouth African Financial Regulators Launch Project Khokha 2 to Issue, Clear, and Settle Tokenized Debentures

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Project Khokha 1 was among the 8 real-world blockchain case studies highlighted by ConsenSys in 2020.

Project Khokha 2 was launched after the success of the first iteration of the project.

According to IFWG, an innovation hub that brings together key South African financial sector regulators, Project Khokha 2 will issue, clear, and settle debentures on distributed ledger technology using tokenized money in a minimum viable product (MVP) to inform policy and regulatory reflections.

According to IFWG, industry participants will be able to purchase the debentures with a wholesale central bank-issued digital currency (wCBDC) and a wholesale digital settlement token (wToken).

The wToken can be seen as a privately issued stablecoin used for interbank settlement.

According to IFWG, the project is not support for a particular technology nor should it be seen to reflect on a radical policy shift. Insteead, the objective is to assist in formulating appropriate fintech-related policy frameworks through a throught leadership report.

Among the key South African banking and financial industry participants that joined Project Khokha 2 include:

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RECOMMENDED READING: The AfriCrypt Crypto Scam in Light of Kenya’s Cybercrimes Act

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