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Thu, 01 Oct 2020 12:32 - Updated Thu, 01 Oct 2020 12:32

BNA assesses risk of joining "Blockchain"

Luanda - Governor of the Angolan Central Bank (BNA) José de Lima Massano said Wednesday that the institution was assessing the risks of joining the "cryptographic" cash payment technology, known as "Block chain".

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BNA headquarters

Photo: Francisco Miudo

Blockchian is a kind of Distribuited Ledger Tecnology (DLT) that uses blocks to record and store data about transactions that occur, using its system, often associated with cryptocurrencies such as Bitcoin, Ethereum and others.

José Massano, who was speaking at webinar on “Financial Inclusion and Globalization” promoted by Santa Catarina academy, justifies the need to ensure protection, firstly of the customers and researches around the benefits this new type of currency exchange involves.

“We still have to see if this is an acceptable modality. We are in the early stage”, said José Massano, adding that there is a team studying this type of payment with cryptographic money.

Prior to accept this in the national market, he added, we must conduct studies in order to analyse this new payment method, which has already been operating in many countries.

The BNA governor also defended the creation of an environment conducive to innovation, including rules for the protection of visitors and the general public.

In October 2019, the National Bank of Angola issued a Request for Information about Blockchain solutions to the Angolan financial system.

In its capacity as Regulator of the banking system, BNA searched for information on the application of Blockchain technology.

Bockchain is seen as the main technological innovation of bit coin as it is the proof of all transactions on the network.

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