South African Central Bank Now Considers Cryptocurrency to Be a Financial Asset – Emerging Markets Bitcoin News
— South, Bitcoin, Regulatory, Cryptocurrency, Naidoo, Emerging, African, Markets, Financial, Bank — 1 min read
South African Central Bank now considers Cryptocurrency to be a financial asset. The SARB expects to have a cryptocurrency regulatory framework in place by the end of 2023. SARB plans to have such a regulatory regime in place in 12 to 18 months' time. Naidoo, a member of SARB’s monetary policy committee, said such a framework would bring about a safer crypto ecosystem. The use of crypto in money laundering and other illicit activities is a source of concern that needs to be addressed, hence the SARB's change of mind. The deputy governor insisted his intention is not to pick winners or losers but to ensure that “investors have an adequate health warning and investor protection” The central bank is taking the same approach Source