CSIR Conference 2022 – Unlocking the benefits of blockchain in South Africa
The 8th CSIR Biennial Conference takes place on 2-3 November 2022 in Pretoria and will provide insight into the role blockchain can play in the South African economy.
The conference will feature presentations about the regulatory risks and benefits of blockchain technology by Carel de Jager, CSIR Distributed Ledger Technology Research Group Leader.
The CSIR will also host a panel discussion with experts from the Intergovernmental Fintech Working Group – the organisation that currently oversees distributed ledger technology (DLT) regulations in South Africa.
They will be joined by de Jager, Wiehann Olivier, Partner and Digital Assets Lead at Mazars South Africa, and Marius Reitz, General Manager for Africa at Luno.
The FSCA recently declared cryptocurrency an official financial product by defining it as “a digital representation of value,” so there has never been a more critical time to talk about the future of DLT and blockchain in South Africa.
The benefits of cryptocurrency
De Jager told MyBroadband that while cryptocurrency is challenging to use physically, it is great for digital transactions as it is a fast, cheap, and programmable method of making and receiving payments. It ignores national borders and is available 24/7.
De Jager also noted that cryptocurrency is permissionless and therefore gives innovative and ambitious programmers the ability to experiment with it – a degree of accessibility and control not found in traditional financial sectors.
Regulatory challenges
The conference will also cover the potential challenges of implementing DLT and blockchain solutions in South Africa, including how a lack of effective regulation could lead to bad actors bypassing conventional regulations.
De Jager will explain how this risk necessitates creating a new approach to regulation to ensure the industry flourishes.
In addition to this, he will explain how the CSIR is at the forefront of ensuring cryptocurrency is a secure means of transaction in South Africa and how it is building software to prevent and punish offenders.
Register for the conference
Scepticism around cryptocurrency in South Africa is understandable, but its potential benefits cannot be ignored.
If you want to be a part of an important dialogue around this technology and its future in South Africa, register for the CSIR conference here.
You can watch an introduction to what will be discussed at the event in the video below.
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