South African banks see physical money remaining key to their business as almost a third of their customers aren’t ready to go cashless, according to a survey.
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The Prudential Authority has issued a “guidance note” to local banks saying they should provide banking facilities to crypto exchanges.
The South African Reserve Bank is set to bring cryptocurrencies into the regulatory oversight of the Financial Sector Conduct Authority.
Regulation of crypto assets might come into force within the next nine to 15 months, said Reserve Bank deputy governor Kuben Pillay.
The South African Reserve Bank has taken a step closer to creating a national digital currency. This is after it took the wraps last week off the second phase of Project Khokha.
More engagement with the fintech industry is needed before distributed ledger technology can be incorporated into South Africa’s financial markets, according to a new report.
The Reserve Bank raised its main lending rate by 25 basis points to 4.25% on Thursday, citing inflation risks linked to the war in Ukraine.
Consumer inflation quickened faster than expected in December to 5.9% year on year, from 5.5% in November, setting the stage for another rate hike.
South Africa recorded R557.9-billion of foreign direct investment inflows in the third quarter of 2021.
South Africa’s financial regulator is planning to unveil a regulatory framework covering cryptocurrencies early next year.