The deputy governor of the South African Reserve Bank (SARB) said the institution has changed its stance on cryptocurrencies and now considers it a financial asset that must be regulated.
Deputy Governor of SARB, Kuben Naidoo, recently said that this bank has change stance on cryptocurrencies and is currently looking for a regulatory framework.
Naidoo said such a framework would lead to a more secure ecosystem.
Once the regulatory mechanism comes into effect, South African crypto investors will be protected by law.
Our perspective has changed and we now consider crypto as an asset. We hope to adjust it. There has been a lot of money flowing in and needs to be regulated.
Naidoo stated that the use of cryptocurrencies in money laundering and illegal activities is a concern that needs to be addressed.
Naidoo asserts that the Central Bank is taking the same approach as in Australia, Singapore and the UK.