iceCUBED Transparent Exchange
Gareth Grobler is the founder of iceCUBED Exchange.
IamSatoshi is a well respected Bitcoin news source. They had the pleasure of recording an interview with Gareth recently.
icCUBED’s work in South Africa and IamSatoshi’s recent travels to East Africa formed the starting point of a very candid and interesting conversation.
In the interview Gareth notes that iceCUBED is the first fully transparent Bitcoin Exchange in the world.
All accounting confirmations is made available directly to anyone who requires it. What is more, it is available from separate lawyers and accountants.
iceCUBED owns the land and buildings where its offices are. And through the national ID system, all details of Gareth, as director, are readily available.
Gareth notes that the casino approach is an interesting model, relevant to the Bitcoin space. Under such a system individuals who deal with fiat as well as managing clients assets would be licensed.
Bitcoin and Litecoin are growing in popularity in South Africa. South African companies have already started to accept the currencies. Bitcoin supporters in South Africa hope that this is just the start.
As such, regulation, accountability and transparency are topics of increasing importance.
Eventually some country will put in a full regulatory and legal framework for these digital currencies. Many are hoping it will be South Africa.
At the moment the South African Reserve Bank seems happy to stay in line with their colleagues across the world. Statements show they are aware of the new technology.
However, as “Bitcoin has no legal status or regulatory framework” it can pose “risks for those that would choose to transact with it such as the lack of guarantee of security, convertibility or value”.
These words were said by Hlengani Mathebula, head of group strategy and communications at the South African Reserve Bank.
This is in line with similar statements from Reserve Banks across the globe.