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- 1 South Africa’s 2024 budget aims to reframe the rules for blockchain and stablecoins and determine its potential benefits.
- 2 The financial regulatory body of South Africa will analyze the use cases of blockchain in the banking sector.
- 3 Blockchain’s usage has expanded to multiple industries, including real estate, medical, insurance, and gaming to name a few.
South Africa’s recently released budget involves the entitlement of stablecoins and blockchain technology to make payments more convenient as a part of a strategic shift towards digital payment nationwide.
The growing crypto adoption and advancement of blockchain technology have created various opportunities. The 2024 budget of South Africa highlights the intent of the treasury to reframe regulation to align with global invitations and establish the country as one of the leading digital finance adoptions in the African continent.
The revision in the set of rules will probably ease crypto adoption in the nation and will also set an example for other countries of the continent. The concerned departments of South Africa are analyzing the benefits of blockchain technology and how it could make the traditional banking system more convenient.
In the past few quarters, the adoption and advancement of blockchain technology opened the way for the traditional banking system. Dozens of nations are already working to develop their blockchain-based centralized currency.
After the complete analysis of the technology and stablecoin, the treasury of South Africa will likely publish a detailed report on the industry in December 2024.
Blockchain Penetration in Other Industries
Blockchain technology is evolving rapidly. Its usage has expanded in other industries, including real estate, medical, insurance, gaming, and others.
The decentralization feature of blockchain has lured other industries; in medical sectors, the technology is used to store patient data, medicines, and other medical products.
Crypto Market Update
In the past few years, a significant boost in global crypto adoption was seen, and Bitcoin is one of the most adopted cryptocurrencies in the market. Bitcoin, as of writing, was trading at $60,529. Since the beginning of 2024, a boost in hiring employees for higher positions has been observed. GCEX Group, a leading brokerage firm, has employed an FCA associate as a compliance chief.
Earlier this week, Crystal, a crypto-based startup, hired Naveen Gupta as its new Chief Executive Officer. Naveen has worked for Ripple and some other leading global financial giants.
Humanity Protocol, a privacy-preserving biometric palm recognition technology for Web3 identity verification, has secured funding from 20 leading venture capital funds in the crypto market.
The market capitalization of the crypto space has crossed the much-awaited milestone of $2 Trillion, and when writing, it was $2.21 Trillion. Other events that are expected to drive the market upwards are the 4th Bitcoin halving and the yet-to-be approved Ether spot ETF.
Ethereum price has also shown significant improvements in the past few months. As of writing, the token was trading at $3,201.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
