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South Africa Central Bank Now Treats Cryptocurrencies As Financial Assets

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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.

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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. 

Naidoo speak:

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.

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