The Intergovernmental Fintech Working Group (IFWG) has announced the launch of Khokha 2’ project aimed at exploring the use of tokenized money, blockchains and digital currency in South Africa.
This announcement was disclosed after the group’s first project( Khokha test) a technological solution that is designed to speed up payment systems in the country.
The IFWG said part of Project Khokha 2 project, is to further investigate Distributed ledger technology (DLT) in the financial sector, a digital database system used for recording various transactions of assets in which the details of transactions are recorded in multiple places at the same time.
DLTs are currently most closely associated with blockchains – a system underpinning cryptocurrencies like Bitcoin.
The group stated that it will work with some new technologies such as tokenized money and a wholesale central bank-issued digital currency.
