Centbee’s Minit Money has become the latest project to join the South African regulatory sandbox, providing a safe environment for testing new products without the full application of local laws.
The project was announced for inclusion in the Intergovernmental Fintech Working Group regulatory sandbox earlier this week, enabling easier testing against existing and new regulatory frameworks.
It is hoped their inclusion will allow Centbee to explore the Minit Money business model without having to adhere to the full scope of compliance requirements that would otherwise apply.
The sandbox also provides an environment for regulators to get to grips with new business models, and to assess how they stand up against the existing rules in force for businesses of that type.
Angus Brown, CEO of Centbee, welcomed the firm’s inclusion within the sandbox, and the opportunity to work more closely alongside regulators in shaping the business model. In an interview with Bitcoin Association, Brown said, “One of the benefits of the ‘regulatory sandbox’ is the opportunity to engage deeply with key operational people working inside the regulators.”
“Some of these people have not been exposed to crypto—so this is an opportunity to educate them and dispel the myths that still persist.”
Minit Money is powered by BSV enterprise blockchain, and works by facilitating easier cross-border payments for the remittances sector.
Bitcoin Association Founding President Jimmy Nguyen said the inclusion of Minit Money in the regulatory sandbox was good news for Centbee, and for the wider BSV ecosystem.
Congrats @Centbee for having its @MinitMoney product accepted into South Africa's IFWG regulatory sandbox. It's a great use of #BSV blockchain to efficiently power (with low fees) #remittances of money from South Africa to several other African countrieshttps://t.co/HSepWSaZas
— Jimmy Nguyen (@JimmyWinSV) June 17, 2021
“Sandbox programmes are a great opportunity to demonstrate to regulators how blockchain technology can provide fintech capabilities that benefit consumers – just like with Centbee – and still comply with regulatory requirements.”
“We support all efforts for the digital asset industry to collaborate with and educate regulators about the broad set of use cases for blockchain technology beyond speculative investment tokens.”
Watch: Centbee co-founder and CEO Lorien Gamaroff talks about “Blockchain & the Future of Africa” at CoinGeek Zurich
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