Amid increasing crypto scams and fake ICO offerings across Africa, the South African Reserve Bank (SARB) presented a descriptive ‘report’ concerning various cryptocurrency aspects within the country. Accordingly, they demand public to ‘review the policy paper’ and comment on the same.
Regulation to Combat Financial Risk
The new consultation paper by SARB highlights key approaches of crypto assets including
- Possible profits and risk of using virtual assets,
- Current regulatory stance and
- Present proposals to the industry players and stakeholders.
Moreover, to avoid any kind of confusion, SARB describes the core focus of the consultation paper is on ‘non-government or noncentral-bank-issued crypto assets and not on central bank cryptocurrencies’.
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