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South Africa Central Bank Not To Ban Crypto Trading

20:45 18/01/2019
South Africa Central Bank Not To Ban Crypto Trading

South African Reserve Bank (SARB) issued a consultation paper in which it estimated all advantages and risks connected with cryptocurrencies, and declares it won’t hinder crypto sphere development, Cointelegraph reports.

 

The consultation paper on policy proposals for cryptocurrencies sphere development was prepared with other state organizations of the country, namely, the Central Bank, Financial Intelligence Centre, Treasury, Revenue Service and Financial Sector Conduct Authority. The document clarifies that financial and other regulatory organizations of South Africa do not plan to ban neither crypto trading nor digital assets.

 

The country’s authorities suppose that all crypto companies dealing with cryptocurrencies trading, custodial services and payment services as well as cryptomats suppliers will be obliged to register with the Intergovernmental FinTech Working Group (IFWG).

 

IFWG was established by South Africa government to stimulate modern innovations development preserving normal functioning of traditional financial markets.

 

Besides, the paper prescribes crypto companies to abide by the law on fighting against money laundering and countering the financing of terrorism.

 

SARB announces that the consultation paper is open for public discussion until February 15, 2019.

 

Earlier, the Cabinet of Ministers of South Africa has established a working group on the regulation of the crypto sphere and blockchain.

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