CJ - Cryptocurrency Specialist
The launch of the digital currency issued by South Africa's central bank has advanced (CBDC). This comes after the South African Reserve Bank's project's technological proof-of-concept was finished (SARB).
The initiative was dubbed Project Khokha 2 (PK2), and it was the second phase of the SARB's Project Khokha 1 (PK1), which began in 2018.
The project successfully replicated the banks' interbank payments settlement using distributed ledger technology (DLT). Real-time gross settlement system "SAMOS."
In February 2021, the project's second phase, PK2, was initiated. Within the proof-of-concept context, this project tested DLT with clearing, trading, and settlement.
Absa, FirstRand, JSE Limited, Nedbank, and Standard Bank were among the industry participants. The Intergovernmental Fintech Working Group is made up of these individuals (IFWG).
Using this technology, the SARB assessed the debt instruments that were issued and offered two options for settlement payments. The first option is a wholesale central bank digital money (wCBDC). The second option is a wholesale settlement token (wToken), a commercial bank created with private funds.
Two DLT systems were developed as a result of the proof-of-concept. The first acted as a decentralized cryptocurrency trading platform, while the second oversaw the CBDC.
The project's findings highlighted the regulatory, commercial, and operational advantages that DLT may bring to the market. According to the SARB, this technology will be able to consolidate duties and services that are currently carried out by various infrastructures onto a single platform. This has the ability to save expenses and simplify things.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards