Bitcoin not a currency? South Africa to regulate crypto as financial asset
— Africa, Sector, Bitcoin, Sarb, South, Exchange, Currency, Regulate, Form, Asset — 1 min read
South African Reserve Bank set to introduce regulations next year that will see cryptocurrencies classed and treated as financial assets. South Africa’s National Treasury budget review published in February 2022 formally introduced the move to declare cryptocurrencies as financial products. The state also plans to enhance the monitoring and reporting of cryptocurrency transactions to comply with exchange regulations in the country. Around 13% of the population in South Africa is estimated to own some form of cryptocurrency, according to research from global exchange Luno. The SARB also continues to explore the possible introduction of a central bank digital currency (CBDC), having recently completed a technical proof of-of-concept in April 2022. The second stage of Project Khokha involved using a blockchain-based system for clearing, trading and settlement with a handful of Source