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The sandbox allows innovators the opportunity to test new products and services that push the boundaries of existing regulation under the supervision of relevant regulators.
Minit Money was chosen to test the regulatory treatment of cryptocurrency assets
The IFWG includes participation from the National Treasury, the Financial Intelligence Centre (FIC), the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), the SA Reserve Bank, the SA Revenue Service (SARS) and the Competition Commission.
Centbee’s cross-border remittance app, Minit Money, has been chosen to test the regulatory treatment of cryptocurrency assets for low-value cross-border remittances between SA and Ghana.
Globally, remittances amount to over $100-billion per year – a crucial way for emigrants to support their loved ones back home. Unfortunately, foreigners often struggle to access financial services in their new country, and cross-border remittances in Africa are the most expensive in the world.
Minit Money enables foreigners living in SA to send money home at a low cost. Registration through the app is simple and money is cleared in the receiver’s bank or mobile money account in minutes. Money can be loaded at any of over 100 000 retailers across the country.
Angus Brown, co-CEO of Centbee said, “We are proud to be the first BitcoinSV business globally to work closely with financial sector regulators in South Africa and are delighted to be selected for South Africa’s first regulatory sandbox.”
Centbee uses BitcoinSV as the blockchain underpinning its offering which processes thousands of transactions per second and is a reliable open-source protocol.
Brown concludes, “Centbee through Minit Money is demonstrating how BitcoinSV solves real-world problems that affect many millions of people.”
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Featured image: Minit Money app (Supplied)