A consultation paper was issued by the South African Reserve Bank, showing the potential risks and benefits of cryptocurrencies and according to the official statement reaching in our crypto news, the paper was developed with the help of multiple government agencies.
The document is titled ‘’Consultation Paper on Policy Proposals For Crypto Assets’’ and there you can see that the South African government makes clear that it doesn’t have a plan to ban cryptocurrencies or crypto trading for that matter.
The paper proposes that all of the crypto trading platforms and payment service providers including crypto ATMs should register with the Intergovernmental FinTech Working Group that was established by the South African Government in order to foster fintech innovation.
All of the crypto-related businesses will be obliged to comply with the Anti-Money Laundering and Counter-Terrorism Financing requirements. Also, major state agencies such as the Financial Intelligence Center, Nationa Treasury, South African Revenue Service and the Central Bank of South Africa worked together to develop the consultation paper.
The document will be opened to the public by the middle of February 2019.
Back in January, the South African government launched a regulatory group that was only dedicated to blockchain and cryptocurrencies. We are waiting for the group to release a final research paper somewhere in the middle of 2019 according to the Minister of Finance Tito Mboweni.
The Reserve Bank of South Africa also pointed out that it tested successfully the Proof-of-Concept that they are going to use in their interbank payment system using an Ethereum-based private blockchain.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post