The South African Reserve Bank is set to introduce new regulations around trading cryptocurrency in the country in the next 12-18 months, says deputy governor Kuben Naidoo.
Speaking in PSG’s latest Think Big webinar, Naidoo said that South Africa was largely on par with other countries when it comes to cryptocurrency regulation, with the initial hype around digital currencies and the technology dying down in recent times.
“We are not intent on regulating it as a currency as you can’t really walk into a shop and use it to buy something. Instead, our view has changed to regulating as a financial asset. There is a need to regulate it and bring it into the mainstream, but in a way that balances the hype and with the investor protection that needs to be there.”
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