PODCAST | Business Day Spotlight: SA’s first digital currency that holds a stable value
In this edition of Business Day Spotlight, our focus is on a new SA crypto-currency called EO Sza.
Our host Mudiwa Gavaza is joined by Rory Mapstone, founder of EO Sza, a local developer of blockchain applications, which recently launched what it says is the country’s first digital currency that holds a stable value.
eZAR is a digital coin pegged to the rand. In other words, one eZAR coin (or token) will always be worth R1, says Mapstone.
Cypto-currencies have become notorious for their volatility with the value of one bitcoin increasing or decreasing by as much as 20% within a single day, making the currency largely unsuitable for daily, transactional usage. Stablecoins have attempted to fill the gap by making it possible to use digital money as a fully fledged payment method to pay for goods and services.
In this discussion, Mapstone explains the rationale for creating eZAR, how it works, the mechanism that ensures a constant value in the market, and where can people use the digital coin.
He also gives his thoughts on Facebook’s plans for a digital currency, libra, and details some plans to make their coin tradeable on exchanges such as AltX or Luno
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Business Day Spotlight is a MultimediaLIVE Production.