$3.6 Billion Crypto Heist: South African Bank Denies Business Relationship Wi...

According to local media, leading South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. Africrypt Stops Operations Abruptly Africrypt abruptly ceased operations nearly two months ago, prompting the banking institution’s denial. The crypto investment firm’s management claimed at the time that Africrypt’s trading system […]

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....

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....

A group of South African banks have pushed ahead with plans to test blockchain applications in a partnership that has drawn support from key regulators in the country. As reported by local outlets IT Web and MoneyWeb, the project included teams from Standard Chartered, Absa, Rand Merchant Bank, Investec and Nedbank. Supporters of the initiative included the Financial Services Board, a major finance regulator; Strate, the country’s central securities depository; and the South African Reserve Bank. The institutions involved developed and tested a system for issuing syndicated loans via....

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....