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.<\/p>\n
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.<\/p>\n
The CSIR will also host a panel discussion with experts from the Intergovernmental Fintech Working Group \u2013 the organisation that currently oversees distributed ledger technology (DLT) regulations in South Africa.<\/p>\n
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.<\/p>\n
The FSCA recently declared cryptocurrency an official financial product by defining it as \u201ca digital representation of value,\u201d so there has never been a more critical time to talk about the future of DLT and blockchain in South Africa.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
De Jager will explain how this risk necessitates creating a new approach to regulation to ensure the industry flourishes.<\/p>\n
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.<\/p>\n
Scepticism around cryptocurrency in South Africa is understandable, but its potential benefits cannot be ignored.<\/p>\n
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<\/strong><\/a>.<\/strong><\/p>\n You can watch an introduction to what will be discussed at the event in the video below.<\/p>\n