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South Africa’s Perceived Pro-Russia Stance May Result in Secondary Sanctions Which Threaten Financial Stability — Central Bank
30.5.2023
The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses...
South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High
29.5.2023
The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some...
Report: Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025
26.3.2023
Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to understand or learn the risks that come with using...
South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
26.2.2023
In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa...
Davos 2023: CBDCs Are the Future of Central Bank Money but They Are Still Not Ready
21.1.2023
A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has profiled central bank digital currencies (CBDCs) as the future of central bank money, presenting them as one of the solutions for limitations in the payments sector today. However, they have also stated...
South African Reserve Bank encourages friendly behavior with crypto
18.8.2022
The banking authority said avoiding risk through cutting off crypto-involved clients may pose a “threat” to financial integrity
South African Professor Accuses Central Bank Official of Spreading Misinformation That Damages Crypto Industry
3.8.2022
A South African professor, Steven Boykey Sidley, has branded as “balderdash” claims by the South African central bank deputy governor that “90% of cryptocurrency transactions” are illicit. The professor also accused the senior central bank official of spreading...
Regulation of Cryptocurrency in South Africa Should Not Scare Away Investors Experts Say
30.7.2022
Two experts have said they welcome South Africa’s planned regulation of cryptocurrency but warned this should not scare away investors. If the regulation is balanced between the need to protect investors and stimulating interest in crypto investment, this “could see funds stream into...
South African Crypto Investors and Service Providers Told of Legal and Tax Implications of Central Bank’s Plan
17.7.2022
South African tax consultancy firm Tax Consulting SA, has said the recent announcement by the central bank — that will start to regulate cryptocurrency in 12 to 18 months — has legal and tax implications for both crypto investors and organizations providing intermediary services....
South African Central Bank Now Considers Cryptocurrency to Be a Financial Asset
15.7.2022
The deputy governor of the South African Reserve Bank (SARB) recently said the institution has changed its position on cryptocurrency, and now regards it to be a financial asset which must be regulated as such. The SARB expects to have a cryptocurrency regulatory framework in place by the end...
South African exchanges welcome the new 'crypto is financial asset' ruling
14.7.2022
Major South African exchanges have welcomed the central bank’s plans to regulate cryptocurrencies as financial assets
Bitcoin not a currency? South Africa to regulate crypto as financial asset
13.7.2022
South Africa’s Reserve Bank will regulate cryptocurrencies as financial assets, and new laws are expected over the next 12 months
South African Central Bank Governor: Regulators and Policymakers Must Be Involved in Shaping Potential Move to DLT Markets
9.4.2022
The head of the South African central bank has insisted that regulators and policymakers should be involved in directing any potential move to markets that are based on distributed ledger technology (DLT). Pondering the Implications of Innovation The governor of the South African Reserve Bank...
South Africa finishes technical PoC for wholesale CBDC settlement system
8.4.2022
The South African Reserve Bank stated further work would be undertaken to study the findings from the project and used to inform policy and regulatory responses to DLT and CBDCs
Report: Leading South African Bank Sends Account Termination Notices to Crypto Arbitrage Traders
23.10.2021
One of South Africa’s biggest banks, Standard Bank, has reportedly sent account termination notices to clients that offer automated cryptocurrency arbitrage services. Bank’s Criteria Questioned This move, according to a Mybroadband report, has sent shockwaves through...
South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’
30.8.2021
The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank’s longstanding belief that cryptocurrencies like bitcoin are not currencies. According to Kganyago, crypto-assets, as he prefers to call them, are not currencies because they fail to meet...
Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will ‘End in Tears’
2.8.2021
A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this...
Central Bank Governor: South Africa’s Digital Currency Study Ongoing
31.7.2021
South African Reserve Bank (SARB) governor, Lesetja Kganyago, has once again confirmed that the central bank is presently studying the feasibility of issuing a digital currency. In his remarks at the SARB’s annual general meeting, governor Kganyago suggested his organization has embarked...
Namibia Central Bank to Complete Crypto Study By April 2022 — Governor Says Current Laws Do not Permit Use of Digital Assets
25.7.2021
The Bank of Namibia (BON) is on course to complete its study into cryptocurrencies by April 2022, the central bank governor, Johannes Gawaxab recently confirmed. The governor however reiterated that cryptocurrencies are not legal tender as there is currently no provision for digital currency use...
South Africa Reserve Bank Commences Retail CBDC Feasibility Study
27.5.2021
The South African Reserve Bank (SARB) says it has commenced a feasibility study for a general-purpose retail central bank digital currency (CBDC). The study, which the SARB expects to conclude in 2022, will focus on the issuance of a domestic CBDC that can be used by consumers in South Africa...