South African Reserve Bank successfully tests JPMorgan blockchain

The South African Reserve Bank (SARB) has tested Project Khokha with good results, as reported by the financial media. The basic foundation of this blockchain financial platform is the work of JPMorgan, which, in turn, is based on Ethereum. The Istanbul Byzantine Fault Tolerance principle is used in this environment, official documents tell. They note that the system was not designed to replace the South African Multiple Option Settlement (SAMOS).

The officials of South Africa have also made it clear that they did not plan to replace their traditional ways to conduct operations. Instead, Khokha is going to act as a ‘backup layer’, as the media puts the words of Central Bank Deputy Governor Francois E. Groepe.

The same person has stated that it was too dangerous to issue a national digital currency at the speech in August last year. Practically the same opinion is shared by the majority of civil servants even in the first-world countries: there is no immediate need to make a state coin.

Although no cryptocurrency is present in the aforedescribed system, the news may indirectly improve the reputation of Ethereum and JPMorgan developers responsible for Quorum.

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