Home Cryptocurrency South Africa Government To Finally “Embrace” Cryptocurrency

South Africa Government To Finally “Embrace” Cryptocurrency

The government of most countries are beginning to see the importance of Cryptocurrency and with time virtually all countries will start using cryptocurrency as a means of payment and they will also invest in it.

The South Africa Reserve Bank has seen the importance of cryptocurrency and as a result they released a consultation paper telling the public about the importance of cryptocurrencies as well as the risks.

The paper was written alongside with some of the country agencies in south africa and it was titled the “Consultation Paper on Policy Proposals for Crypto Assets,”. The South Africa government said that they don’t intend to ban cryptocurrency trading or cryptocurrency payments.

However, an idea was then brought out that all cryptocurrencies, payment service providers, cryptocurrencies ATMs, custodial services in South Africa should register with the Intergovernmental FinTech Working Group (IFWG), which was established recently by the South African government.

Their aim for establishing this body is to foster the fintech innovation while maintaining the uninterrupted functioning of the financial markets.

According to the consultation paper, all cryptocurrencies related must comply with the anti-Money Laundering body (AML) and the Counter-Terrorism Financing (CFT) requirements of the Financial Intelligence Centre Act.

The consultation paper was written and developed by some parts of the state agencies, Some of them are as follows; South African Revenue Service (SARS), SARB, the central bankof South Africa, the Financial Sector Conduct Authority (FSCA) and the Financial Intelligence Centre (FIC).

There will be a joint statement announcing the paper and when it will be available to the public so as to get feedback from them. However, it won’t be available until February 15, 2019.


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