TechInAfrica – Fintech company BitcoinSV Centbee will have its native app Minit Money participate in SA’s Intergovernmental Fintech Working Group (IFWG) regulatory sandbox.
The remittance app will be used as an indicator of the regulatory treatment of cryptocurrency assets for low-value cross-border remittances between SA and Ghana.
National Treasury, the Financial Intelligence Centre (FIC), the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), the SA Reserve Bank, the SA Revenue Service (SARS), and the Competition Commission also participated in the study.
“We are proud to be the first BitcoinSV business globally to work closely with financial sector regulators in South Africa and are delighted to be selected for South Africa’s first regulatory sandbox,” said Angus Brown, co-CEO of Centbee.
“Centbee through Minit Money is demonstrating how BitcoinSV solves real-world problems that affect many millions of people.”