South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’
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....
Related News
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....
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....
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 inaccurate information that “does immeasurable damage to an important new industry.” Only 0.15% of Crypto Transactions Are Tied to Illicit Activity A South African university professor and author, Steven Boykey Sidley, has slammed Kuben Naidoo, the country’s central bank deputy....
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....
The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses. Crypto Trading Beneficial to a Few The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has reiterated that his institution still opposes cryptocurrency transactions. The governor also suggested that Kenyan citizens must always be wary of investing in highly volatile asset classes such as....