South African Reserve Bank Sees Potential For Real Bitcoin Growth
It is always good to know how several banks around the world feel about Bitcoin, even though the outcome will be identical in most cases. The South African Reserve Bank does not consider Bitcoin and cryptocurrency legal tender, although that doesn’t make usage of these currencies illegal. South African Reserve Bank Creates Bitcoin “Grey Area.” A recent whitepaper by the South African Reserve Bank explains how Bitcoin and cryptocurrencies are not deemed legal tender in the country. However, contrary to popular belief, this does not mean the usage of Bitcoin is illegal in South Africa, as it....
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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 (SARB), Lesetja Kganyago, has argued that central banks, regulators, and policymakers should and must play a role in “shaping a potential move to DLT-based markets.”
According to Kganyago, these stakeholders can achieve this objective by “pondering the....
The South African Reserve Bank may be willing to introduce blockchain based, digital version of its fiat currency. The use of cryptocurrencies as legal tender is one of the most discussed topics among the cryptocurrency community members. The very thing may soon happen in South Africa. One of the South African financial magazines has recently reported about the willingness of the South African Reserve Bank to issue digital version of its fiat currency. The new currency referred to as the “national digital currency” is expected to be based on blockchain technology. The publication, in its....
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. The firm, however, says the South African Reserve Bank (SARB) “will not interfere in the investment decisions made by crypto investors.”
Intermediaries Must Register as Financial Services Providers
According to a South African tax consultancy firm, Tax Consulting SA, recent....
Africa's largest banks and South Africa’s Central Securities Depository, Strate, set up a Blockchain network that could have a far-reaching effect on the continent’s financial sector. South African Reserve Bank (SARB) and the Financial Services Board will play a role of observers. While the new working group has representatives from Standard Bank, Absa, FirstRand, Nedbank - the top four banks in Africa - and Investec which stands at the eighth position, the participation of the Reserve Bank is the most significant because the South African apex bank has been a little skeptical about....
Hlengani Mathebula of the South African Reserve Bank warns people for the dangers of using and trading Bitcoin. The story of Bitcoin's regulation continues. Today's turn goes to beautiful country South Africa. The government had been talking about Bitcoin for some time now. They even ran a 'Bitcoin trial'. In terms of willingness to accept, we love the idea of a trial. It beats saying no from the start without even considering. Internal testing. The South African Reserve Bank is responsible for considering Bitcoin's regulation. After reviewing the results of the Bitcoin trial, they decided....