The South African Reserve Bank is set to bring cryptocurrencies into the regulatory oversight of the Financial Sector Conduct Authority.
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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 South African Reserve Bank and its counterparts in Australia, Malaysia and Singapore have developed an experimental platform for settling multiple central bank digital currencies.
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.
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.
South Africa is moving with more urgency to stiffen oversight of cryptocurrency assets after a proliferation of scams.
Consumer price inflation accelerated to a 30-month high of 5.2% year on year in May, moving above the midpoint of the central bank’s target range for the first time since Covid-19 struck.
South Africa has laid the foundation for finance watchdogs to set crypto-asset controls as the nation seeks to curb growing cases of fraud and improve the management of cross-border flows.