The South African Reserve Bank (SARB) announced on Wednesday plans to introduce a regulatory framework for cryptocurrencies, Kuben Naidoo, the Deputy Governor of the Central Bank, revealed.
After years of taking a soft stance that it would not regulate the crypto industry, the Central Bank of South Africa has changed their mind by working to establish a regulatory framework to govern digital asset transactions.
In a webinar titled: ‘The future of money, banking and crypto’, organized by financial services firm PSG Konsult Ltd, Naidoo said: "Our view has changed and we now regard it [cryptocurrency] as a financial asset and we hope to regulate it as a financial asset. There has been a lot of money that has flowed in, and there is a need to regulate it and bring it into the mainstream."
The Deputy Governor stated that the regulatory framework for the use of cryptocurrencies will perform a crucial role in ensuring investor protection and confidence and creating a safer crypto ecosystem...
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