South Africa dispensed with for the time being on crypto bans
Home News South Africa dispensed with for the time being on crypto bans
Matthias Nemack –
Repeatedly, the media reported about possible crypto prohibitions in South Africa. The government wants to take according to a paper but first of all, no action.
The Central Bank and the partners want to create new rules
A recent Paper by the South African Central Bank (SARB) suggests: Who is going with Bitcoin, Bitcoin, Cash, and other tokens to speculate, and to act, for the time being nothing to fear in the country. This applies to the same extent for payments using digital currency. The document bears the name of “discussion paper on policy proposals for crypto-assets” and represents not only a temporary relief for Users who were concerned about the threat of bans of the state.
No ban, but forced to register?
However, results from the basis for discussion (because this is the paper currently) a potential obligation to register for service providers in the cryptographic area. Both the operator of crypto currencies can be withdrawn, in which Ethereum and other Coins, as well as custody and payment served to may need to sign up soon for a specially with a view on the crypto-market based authority. What is meant is the IFWG, a so – called government in the name of FinTech Working Group. Right, but is not that the authority is used only as a point of contact for the registration of companies.
Authority to drive the promotion of the industry
You should continue to promote the Fintech sector. For this Paper, several important state institutions subscribed to the same responsible. Among other things, in addition to the Central Bank, the Financial Sector Conduct Authority and the Financial Intelligence centre. The jointly developed statement would be made in mid-February publication. Quite surprisingly, the news does not come, announced by the Central Bank itself, however, in mid-2018, a test run for a private crypto-System for payments with the involvement of the Ethereum block Chain.