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. More than 6 million South Africans are estimated to own some of the cryptocurrency. The country has become a leader in cryptocurrency adoption, with more than 6m South Africans estimated to have some cryptocurrency. Cointelegraph reached out to prominent exchanges operating in the country to gauge the perception of the SARB's regulatory attitude. The exchanges are expecting the move to drive adoption of the country's cryptocurrency market in the coming months. The SARB continues to explore the possible use of a central bank digital currency (CBDC) through its Project Khokha initiative, with a number of prominent players from the traditional banking sector involved in testing a proof-of-concept for the proposed CBDC settlement system. Source