The South African Reserve Bank (SARB) has recently published a consultation document assessing the benefits and dangers of encryption in the country. The article, established together with a number of administrative activities in the country, was declared in an authorized statement published on January 16th. Among the increasing cryptocurrency scams and false ICO contributions throughout Africa, the South African Reserve Bank (SARB) has provided an evocative report concerning many features of cryptocurrency within the country. According to the application, public to review the policy document and commentary on the same.
In the document, which stated the consultation document on cryptographic policy proposals, the South African government simplifies that it does not currently plan to prohibit cryptocurrency or cryptocurrency payments.
Currently, the consultation document is open to the public until February 15, 2019 where each of the members can give their opinion on all the functionality of cryptocurrency labeled in a draft. However, the suggestions are formulated by the FinTech InterTovernmental Working Group (IFWG) which includes the Treasury and SARB associates.
"The IFWG and Crypto regulatory working group is of the opinion that regulatory action should not be postponed until the more appropriate regulatory approach becomes clear, but rather act and change as that innovation evolves ".
By asking for a public eulogy on this document, SARB expects to strongly accept the cryptographic capabilities within the country. The article reads;
At the end of the consultation phase, regulators will specify the path to follow through a policy tool such as a guidance note or guidance document for the first quarter of 2019. As for the SARB experiment report, named Project Khokha, all of the bank's objectives have been achieved positively, the main objective is to create a system of large expense (proof-of-concept) (PoC) for interbank payment using a tokenized South African rand on distributed ledger technology (DLT).
The project also aimed to examine the unified issues of flexibility, accountability, privacy and policy termination.
Francois Groepe, Deputy Governor of the Reserve Bank, further clarified that:
"We do not use the term" cryptocurrency "because it does not meet the requirements of money in the economic sense of the stable medium of exchange, a unit of measurement and a unit of stable value." We prefer to use the word "cyber-token" . "