Crypto does not qualify as currency, says South Africa’s central bank governor
South Africa’s top banker has said that cryptocurrencies are more akin to assets than actual currencies. Lesetja Kganyago, governor of the South African Reserve Bank (SARB), has argued against classifying crypto as currencies.According to a report by MoneyWeb, the central bank chief likened crypto to assets rather than currency during an interactive session at the Wits Business School Leadership Dialogues.According to South Africa’s central bank governor, cryptocurrencies only meet two of the three currency criteria, stating:“A cryptocurrency is a store of value. It is a medium of....
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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 on this study to keep abreast with the growing trend of central banks that are studying CBDCs. Retail CBDC In the past few years, several central banks including a few in Africa have similarly announced their CBDC studies. Already, the central banks of Ghana and Nigeria have both revealed they will....
South Africa’s central bank is “open” to cryptocurrencies and blockchain, according to new statements from its governor. In a speech today at a cybersecurity conference held in Johannesburg, governor Lesetja Kganyago indicated that the South African Reserve Bank is exploring the technology and interested in innovations that may stem from its development. Kganyago, who has served as governor of the central bank since 2014, suggested that the Reserve Bank would look for possible uses that would help the institution "execute our mandate more effectively and efficiently". Kganyago....
South Africa’s central bank is open to the innovation of cryptocurrencies and blockchain technology, the bank’s governor revealed in a speech given in cybersecurity conference in Johannesburg, yesterday. The South African Reserve Bank (SARB) organized and hosted a cybersecurity conference in Johannesburg yesterday. While opening the conference, Lesetja Kganyago, the governor of SARB, spoke about new innovation in the field of finance and financial services. Notably, the central bank’s governor stated that the institution is receptive to the breakthrough ideologies and innovation bought on....
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 the standard of what constitutes a currency. Crypto and the Currency Test In recent remarks to Mills Soko, a professor at a South African university, Kganyago asserts cryptocurrencies like bitcoin only partially meet one of the three key characteristics of a currency. Kganyago explained: One, it....
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....