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.
The South African Reserve Bank and its counterparts in Australia, Malaysia and Singapore have developed an experimental platform for settling multiple central bank digital currencies.
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.
The South African Reserve Bank raised its main lending rate by 25 basis points to 3.75% on Thursday, citing increased inflation risks.
The Bank for International Settlements will test the use of central bank digital currencies with South Africa and other countries in an experiment that could lead to a more efficient global payments platform.