Ethereum

2024

Bitcoin

when

<ul class="list-ic vertical">
 <li><span>1</span> <a>South Africa’s 2024 budget aims to reframe the rules for blockchain and stablecoins and determine its potential benefits.&nbsp;</a></li>
 <li><span>2</span> <a>The financial regulatory body of South Africa will analyze the use cases of blockchain in the banking sector.&nbsp;</a></li>
 <li><span>3</span> <a>Blockchain’s usage has expanded to multiple industries, including real estate, medical, insurance, and gaming to name a few.</a></li>
</ul>
<p>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.&nbsp;</p>
<p>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.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="qme" dir="ltr"><a href="https://twitter.com/hashtag/Budget2024?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Budget2024</a> <a href="https://twitter.com/hashtag/RSABudget2024?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#RSABudget2024</a> <a href="https://t.co/ru34A9smWg" rel="noopener noreferrer nofollow">pic.twitter.com/ru34A9smWg</a></p>— National Treasury RSA (@Treasury_RSA) <a href="https://twitter.com/Treasury_RSA/status/1760306247482442062?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>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.</p>
<p>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 <a href="https://www.thecoinrepublic.com/2024/02/28/wax-blockchain-is-waxe-token-the-next-big-thing-in-crypto/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a>-based centralized currency.</p>
<p>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.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-blockchain-penetration-in-other-industries-strong"><strong>Blockchain Penetration in Other Industries&nbsp;</strong></h3>
<p>Blockchain technology is evolving rapidly. Its usage has expanded in other industries, including real estate, medical, insurance, gaming, and others.</p>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-crypto-market-update-strong"><strong>Crypto Market Update&nbsp;</strong></h3>
<p>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.</p>
<p>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.&nbsp;</p>
<p>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.&nbsp;</p>
<p>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.</p>
<p>Ethereum price has also shown significant improvements in the past few months. As of writing, the token was trading at $3,201.&nbsp;</p>

South Africa Planning to Ease Rules for Digital Assets?

Table of Contents

Thecoinrepublic.com

Other articles published on Feb 28, 2024

New Developments in the Ripple (XRP) SEC Case

Why XRP’s falling market dominance should matter to you

DWF Labs Launches New Blockchain Platform for Enhanced Market Accessibility

Two Binance Senior Executives Arrested in Nigeria

Bitcoin skyrockets past $59,000 making shorters bleed

Matrixport HK Aims for Legitimacy with Last-Minute Licensing Bid in Hong Kong

Join our free newsletter for daily crypto updates!