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Wednesday, August 9, 2017

South Africa to Take “Balanced Approach” to Bitcoin and Cryptocurrency Regulations

South Africa to Take “Balanced Approach” to Bitcoin and Cryptocurrency Regulations

In response to a question from the opposition party regarding the government’s position regarding the regulation of South Africa’s emerging cryptocurrency economy, Finance Minister Gigaba has revealed many of the government’s intentions and positions regarding cryptocurrency legislation.


Minister Gigaba reaffirmed that while virtual currencies currently sit out of the government’s regulatory apparatus, while a number of institutions are currently exploring the matter and are yet to deliver their determinations. “As noted, the relevant authorities continue to monitor and assess the use of virtual currencies and consult with private sector stakeholders in this regard. Further guidance or regulations may be issued, should the need arise,” Finance Minister Gigaba said.


“The National Treasury together with the SARB, FIC, and FSB have also established an Intergovernmental Fintech Working Group in December 2016, to develop an approach and potential revised policy stance towards fintech, including crypto-currencies, and to deal with fast-emerging fintech matters in the financial sector, like crowdfunding, robo-advice, machine learning and alternate payment platforms.”


Full story at http://bit.ly/2hJrFqX


Source: Bitcoin News


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