Page 8 - CBI Magazine_July 2020

CBI MAGAZINE | July 2020
THE CBI ECOSYSTEM
The CBI Ecosystem is administered by the CBI Association. Any person or institution that joins the Association must become a member to the association and subscribe to the Association’s constitution, including the Rules and Regulations of the Association and its Whitepaper. A monthly/ yearly membership is payable and that membership fee is determined by the Association at its annual general meeting (“AGM”) to be held annually during the month of September. Election of the board, membership conditions and all other conditions are in accordance with the Constitution.
It needs to emphasised that the amount paid to CBI is a membership fee and does not constitute deposits as contemplated in the Banks Act. It also cannot be said that CBI is advising communities on financial products, such that it needs to be regulated in terms of the FAIS Act. This is not to say that CBI does not have ambitions to provide products which will require regulations in terms of the regulatory regime with which it acts, but currently, with its operating mode, no such regulatory oversight is required. At this time, there is no regulatory compliance required in respect of crypto asset purchase and transactions, albeit that the same is imminent.
The Purpose of the CBI Ecosystem - Our Rebranding
To meet the growing interest in crypto assets, the CBI Ecosystem was conceived and initially setup to operate in the African framework and for developing nations, through educating and implementing social investment plans to generate innovative strategies for wealth creation through Crypto Based Innovative applications. With the continued growth and international demand for its services, the management and stakeholders undertook to position CBI internationally to cater
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