South Africa’s central bank intends to impose rules on the industry in the next 12 months and regulate cryptocurrencies as financial assets.
The SARB intends to impose such legislation in the next 12 months, following which digital assets will be regulated not as currencies but as financial assets., Kuben Naidoo – Deputy Governor of South Africa’s central bank – opined that the cryptocurrency sector is controversial as it is full of “good apples and bad apples,” or in other words, meaningful projects and such that can be compared to pyramid schemes.
On the other hand, they could improve the global monetary network and represent a technology that has captured the attention of many. As such, the regulatory framework that the bank should introduce in the next year will classify them as financial assets:“We are not intent on regulating it as a currency as you can’t walk into a shop and use it to buy something. Instead, our view has changed to regulating as financial assets.