South African exchanges welcome the new 'crypto is financial asset' ruling
South Africa’s Reserve Bank is set to begin regulating cryptocurrencies as financial assets in the next 18 months, with exchanges expecting the move to drive adoption in the country. The move to classify cryptocurrencies as financial assets and not currency, has been talked about for some time by the South African Reserve Bank (SARB). Deputy governor […]
Bitcoin not a currency? South Africa to regulate crypto as financial asset
The South African Reserve Bank is set to introduce regulations next year that will see cryptocurrencies classed and treated as financial assets to balance investor protection and innovation. Cryptocurrency use in South Africa is in a healthy space, with around 13% of the population estimated to own some form of cryptocurrency according to research from […]
South Africa finishes technical PoC for wholesale CBDC settlement system
South Africa has taken another step closer to implementing its central bank digital currency (CBDC) as the South African Reserve Bank (SARB) concludes a technical proof-of-concept for the project. The project, titled Project Khokha 2 (PK2), is the second phase of SARB’s Project Khokha (PK1), launched in 2018. It experimented with distributed ledger technology (DLT) […]
South Africa's central bank begins preliminary study for retail CBDC
South Africa is the latest country to begin exploring the possibility of creating its own sovereign digital currency. According to a release issued on Tuesday, the South African Reserve Bank has begun preliminary feasibility studies about the “desirability and appropriateness” of a retail central bank digital currency. As part of its announcement, the SARB defined […]