Peoples to cryptocurrencies Its growing interest in the issue pushes governments and central banks to work in this area.
In this context, approximately 13% of the population cryptocurrency The central bank took action in South Africa, which is known to invest.
South African Central Bank (SARB) It is preparing to introduce the necessary regulations by classifying cryptocurrencies as financial assets next year.
Kuben Naidoo, vice-president of the central bank, at a webinar he attended yesterday, confirmed the developments regarding the cryptocurrency regulations that will support the crypto industry.
south africa cryptocurrency Stating that he is ready to enact the regulations for his units, Naidoo said that the regulations in question will most likely be published in the next 18 months.
Stating that the regulations will recognize cryptocurrencies as a financial asset, not as a payment option, Naidoo said:
“We do not intend to regulate Bitcoin and cryptocurrencies as a currency, as you cannot go into a shop and use it to buy anything.
But instead, we are considering regulating cryptocurrencies as financial assets.
There is a need to regulate and mainstream crypto, but the key is to do it in a way that balances investor protection and the advancement of innovation.”
Saying that they are examining the industry to understand how cryptocurrencies can be beneficial to the financial system, Naidoo also acknowledged that some cryptocurrencies bring real technological developments that can improve some systems, such as payment.
However Bitcoin (BTC) and crypto coins underlined that they do not intend to use it as a payment option.
With the upcoming regulation, the supervision of cryptocurrencies will be carried out by the country’s Financial Intelligence Center (FIA).
Through the FIA, the government will monitor the use of digital assets to thwart malicious acts such as money laundering, tax evasion and terrorist financing.