South Africa plans to regulate crypto

The South African Reserve Bank has confirmed it will introduce new rules and regulations on cryptocurrencies in the country.

The central bank will focus on passing the laws in the next 12 to 18 months, according to deputy governor Kuben Naidoo.

Speaking at the Think Big webinar, Naidoo shared the bank’s plans for cryptocurrency trading in the country, outlining the regulation necessitated by the rising interest in the asset.

He confirmed that the South African Reserve Bank wants to embrace regulation, as many central banks around the world are doing the same right now, but he cautioned that consumers should manage their expectations.

The bank has no immediate plans to introduce digital assets as currencies. “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”, Naidoo explained.

However, he acquiesced that there was an urgency to bring cryptocurrencies into the “mainstream” and that should happen in a controlled and careful manner.

His remarks come as both the European Central Bank and a global coalition of bankers from G20 countries have confirmed plans to take cryptocurrency regulation more seriously and seek ways to implement a global program.

The Bank of England urged for such an alliance and said that the only way to actually see this work in practice would be to create a universal and enforceable regulatory framework that jurisdictions around the world can follow and synchronize with.

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Updated: 07/14/2022 — 11:00