The South African Reserve Bank (SARB) has issued a consultation document assessing the benefits and risks associated with cryptocurrency. The document was developed jointly with several government departments of the country.
In the document entitled "Consultation Paper on Policy Proposals for Crypto Assets", the South African government clarifies that it currently does not intend to ban cryptocurrency trade and cryptocurrency payments.
The document says that all platforms for tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details crypto-assets, as well as custodial services, payment service providers and crypto-ATMs, are required to register with the Intergovernmental FinTech Working Group (IFWG).
The IFWG was recently established by the South African government to stimulate innovative technologies while maintaining the continued operation of financial markets.
The consultation document was developed jointly by several major government agencies, such as: The Financial Intelligence Center (FIC), The Financial Sector Conduct Authority (FSCA), The National Treasury (NT), The South African Revenue Service (SARS) and SARB, The South African Reserve Bank.
According to the joint statement, the document will be open for public discussion until February 15, 2019.
Editor: Yuliya Soroka