South Africa is looking to regulate cryptocurrencies

South Africa has always been one of the most progressive and forward-thinking countries in the world. They have been prominent as of late because they are showing legitimate interest in regulating cryptocurrencies like Bitcoin or Ethereum.

The South African Reserve Bank expressed their interest in regulating Bitcoin and other coins and they are aiming to do so by 2023. They want to cement that these assets are legitimate and useful when it comes to balancing their usefulness and shielding the users themselves. 

With more than six million people showing interest in the crypto market, you can expect that the country will look to regulate the space. The main argument for this regulation has always been making any cryptocurrency follow the guidelines set out by entities like the Financial Action Task Force.

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2023 will be the start of a new era in South Africa’s crypto market

With the changes that the SA Reserve Bank is proposing, they want to declare crypto as a product. A framework will be drawn up to help people understand and use the assets better.

Kuben Naidoo, the deputy governor of the SARB, discussed this move to regulate the market and the sudden change of heart. He said, ‘Our view has changed and we now regard it as a financial asset and we hope to regulate it as a financial asset. There has been a lot of money that has flowed in, and there is a need to regulate it and bring it into the mainstream’.

The idea of regulating the asset comes from their knowledge of the crypto market being lucrative which they want to help people realise. At the same time, they want to control it because they have good intentions to help people invest properly.

The possibility of a central bank-powered digital currency

The SARB has said that they are planning to launch a central bank-powered digital currency. This has been a project not only launched in South Africa but around the world as well. You can see other countries like Jamaica and Nigeria have cemented that digital currency projects are quite useful. 

It will be a long-term project but people can see that digital currencies will be quite useful moving forward. The convenience that people discuss with cryptocurrencies will be applicable to what you can see with the digital currency. Naidoo himself said that they have launched some pilot projects which means that they are ready to do this. 

The crypto market will keep growing in South Africa

Aside from having the crypto market regulated in South Africa, you can expect that it will keep growing in the long-term future. People know that this country has cemented its place atop the African continent as one of the biggest hubs for the crypto market. With this move, they are truly proving that they deserve the shot at elevating the crypto market. 

South Africans can expect multiple platforms to thrive in the country as well including the crypto-based sites online. They can play their favourite Bitcoin casino games on platforms like Gamdom or they can even make sports bets there too. In the future, other countries can follow South Africa’s footsteps for crypto regulation as they see it as a lucrative asset.

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Words: Pocholo Magsino