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infrastructure. Interoperability was further explored by porting the wCBDC (i.e. moving its representative value) to the Khokha Hub and using it to buy debenture tokens in the primary market, while the wToken was used in the secondary market. The porting of wCBDC was enabled by a software bridge which introduced complexities requiring careful reflection.
Such exploration is important because the interlinkages between different DLTs could increase the complexity of financial markets affecting their stability and resilience.
Participants and roles
Continued involvement and willingness to promote responsible innovation by stakeholders on the Khokha journey has been key to the success of the project. The core team consisted of the SARB’s Fintech Unit; Accenture and Block Markets Africa (BMA) as technical
service providers; and Deloitte as support partner. Accenture designed and developed the wCBDC, while BMA designed and developed
Figure 3: Overview of participants
Active users
The design further served as the basis for engaging stakeholders, including the policy maker and regulators, on possible implications. The approach followed allowed for exploring a particular design and considering its relevant implications. However, there are multiple design options which must be considered along with their own unique trade-offs within a specific context.
the SARB debenture token and the wToken prototypes. The broader project stakeholder group was divided into four groups as depicted in Figure 3 below. These were further classified based on whether a stakeholder was an
‘active user’ in the PoC – for instance, posting transactions on the prototypes – or whether they were ‘observers’ in the sense that they did not use the prototypes in the PoC but were involved in the discussions surrounding the potential impacts.
Observers
BACKGROUND
NPSD’s Policy and Oversight Divisions*
Financial Sector Conduct Authority
Financial Services Department*
Prudential Authority
Crypto Asset Regulatory Working Group
Business Systems and Technology Department*
Financial Intelligence Centre
National Treasury
Cyber and Information Security Unit*
Domestic and Regional Services Division of National Payment System Department (NPSD)*
Financial Markets Department*
Fintech Unit*
Service providers
Strate (CSD)
Banking Association of South Africa
Investec Bank
Payments Association of South Africa
SWIFT
The Association of Savings and Investments South Africa
Absa
First Rand Bank Nedbank Standard Bank JSE
* Units, divisions and departments belonging to the SARB
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Industry members and IFWG members and representatives representatives